Regulation spillovers across cryptocurrency markets

【Author】 Borri, Nicola; Shakhnov, Kirill

【Source】FINANCE RESEARCH LETTERS

【影响因子】9.848

【Abstract】Several countries have already introduced restrictions on trading of cryptocurrencies, and many more are evaluating whether to follow suit. We document an unprecedented drop in trading volume on the Chinese cryptocurrency market after a recent regulatory change by the Chinese authorities that severely restricted bitcoin trading. This paper shows how changes in domestic regulation not only have large effects on the domestic cryptocurrency market but also produce large international spillovers. Specifically, we observe a large increase in trading volume and relative bitcoin prices in exchange for Korean won, Japanese yen, and U.S. dollars, and on Chinese peer-to-peer exchanges.

【Keywords】Bitcoin; Trading volume; Regulation; China

【发表时间】2020 OCT

【收录时间】2022-01-02

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