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The cryptocurrency market is amongst the fastest-growing of all the financial markets in the world. Unlike traditional markets, such as equities, foreign exchange and commodities, cryptocurrency market is considered to have larger…

General Finance · Quantitative Finance 2020-04-06 Fan Fang , Waichung Chung , Carmine Ventre , Michail Basios , Leslie Kanthan , Lingbo Li , Fan Wu

Cross-correlations in fluctuations of the daily exchange rates within the basket of the 100 highest-capitalization cryptocurrencies over the period October 1, 2015, through March 31, 2019, are studied. The corresponding dynamics…

Statistical Finance · Quantitative Finance 2020-02-12 Stanisław Drożdż , Ludovico Minati , Paweł Oświęcimka , Marek Stanuszek , Marcin Wątorek

In this brief, we conduct a complex-network analysis of the Bitcoin transaction network. In particular, we design a new sampling method, namely random walk with flying-back (RWFB), to conduct effective data sampling. We then conduct a…

Social and Information Networks · Computer Science 2022-03-18 Bishenghui Tao , Hong-Ning Dai , Jiajing Wu , Ivan Wang-Hei Ho , Zibin Zheng , Chak Fong Cheang

In relation to the traditional financial markets, the cryptocurrency market is a recent invention and the trading dynamics of all its components are readily recorded and stored. This fact opens up a unique opportunity to follow the…

Statistical Finance · Quantitative Finance 2023-05-11 Stanisław Drożdż , Jarosław Kwapień , Marcin Wątorek

Cryptocurrencies (CCs) have risen rapidly in market capitalization over the last years. Despite striking price volatility, their high average returns have drawn attention to CCs as alternative investment assets for portfolio and risk…

Portfolio Management · Quantitative Finance 2020-09-18 Alla Petukhina , Simon Trimborn , Wolfgang Karl Härdle , Hermann Elendner

In this paper we analyse the effects of information flows in cryptocurrency markets. We first define a cryptocurrency trading network, i.e. the network made using cryptocurrencies as nodes and the Granger causality among their weekly log…

Trading and Market Microstructure · Quantitative Finance 2022-07-11 Tomas Scagliarini , Giuseppe Pappalardo , Alessio Emanuele Biondo , Alessandro Pluchino , Andrea Rapisarda , Sebastiano Stramaglia

As COVID-19 has been spreading across the world since early 2020, a growing number of malicious campaigns are capitalizing the topic of COVID-19. COVID-19 themed cryptocurrency scams are increasingly popular during the pandemic. However,…

Cryptography and Security · Computer Science 2020-11-03 Pengcheng Xia , Haoyu Wang , Xiapu Luo , Lei Wu , Yajin Zhou , Guangdong Bai , Guoai Xu , Gang Huang , Xuanzhe Liu

Blockchain and its application on cryptocurrency transactions have gathered a lot of attention and popularity since the birth of the pioneer Bitcoin in 2009. More than 1500 cryptocurrencies are currently circulated in the market. The…

Computers and Society · Computer Science 2019-01-21 Gourang Aggarwal , Vimal Patel , Gaurav Varshney , Kimberly Oostman

The evolution of the pandemic and people's concern over it have an impact on the Bitcoin market, while the extent of individualism could differentiate investor behaviors in the financial market during the pandemic. This paper examines…

General Finance · Quantitative Finance 2022-09-16 Huaxin Wang-Lu

Cryptocurrency refers to a type of digital asset that uses distributed ledger, or blockchain, technology to enable a secure transaction. Although the technology is widely misunderstood, many central banks are considering launching their own…

Computational Finance · Quantitative Finance 2020-07-30 Wolfgang Karl Härdle , Campbell R. Harvey , Raphael C. G. Reule

This paper distinguishes between risk resonance and risk diversification relationships in the cryptocurrency market based on the newly developed asymmetric breakpoint approach, and analyzes the risk propagation mechanism among…

Risk Management · Quantitative Finance 2026-05-19 Wenjie Lan

In this paper, we investigate whether mixing cryptocurrencies to a German investor portfolio improves portfolio diversification. We analyse this research question by applying a (mean variance) portfolio analysis using a toolbox consisting…

Statistical Finance · Quantitative Finance 2020-08-07 Tim Schmitz , Ingo Hoffmann

The rapidly evolving cryptocurrency market presents unique challenges for investment due to its inherent volatility and evolving regulatory environment. Collective price movements can be exploited to construct diversified portfolios with…

Popular Physics · Physics 2026-05-01 Ruixue Jing , Ryota Kobayashi , Luis Enrique Correa Rocha

Cryptocurrencies are distributed systems that allow exchanges of native tokens among participants, or the exchange of such tokens for fiat currencies in markets external to these public ledgers. The availability of their complete historical…

The cryptocurrency market is a very huge market without effective supervision. It is of great importance for investors and regulators to recognize whether there are market manipulation and its manipulation patterns. This paper proposes an…

General Finance · Quantitative Finance 2019-02-07 Weili Chen , Jun Wu , Zibin Zheng , Chuan Chen , Yuren Zhou

We investigate connectedness within and across two major groups or assets: i) five popular cryptocurrencies, and ii) six major asset classes plus two commonly employed risk factors. Granger-causality tests uncover six direct channels of…

General Finance · Quantitative Finance 2018-09-11 George Milunovich

Crypto-coins (also known as cryptocurrencies) are tradable digital assets. Notable examples include Bitcoin, Ether and Litecoin. Ownerships of cryptocoins are registered on distributed ledgers (i.e., blockchains). Secure encryption…

Statistical Finance · Quantitative Finance 2022-12-05 Pasquale De Rosa , Valerio Schiavoni

The fast-growing cryptocurrency sector presents both challenges and opportunities for businesses and consumers alike. This study investigates the knowledge, expertise, and buying habits of people who shop using cryptocurrencies. Our survey…

Computers and Society · Computer Science 2025-10-16 Massimiliano Silenzi , Umut Can Cabuk , Enis Karaarslan , Omer Aydin

Cryptocurrencies, arguably the most prominent application of blockchains, have been on the rise with a wide mainstream acceptance. A central concept in cryptocurrencies is "mining pools", groups of cooperating cryptocurrency miners who…

Cryptography and Security · Computer Science 2022-10-20 Ayodeji Adeniran , David Mohaisen

This paper analyzes the intersection of presidential authority and cryptocurrency markets during Donald J. Trump's second term (2025-2029). We examine developments from 2024 through October 2025, focusing on how executive influence, family…

General Finance · Quantitative Finance 2025-12-04 Habib Badawi