Is the Introduction of Futures Responsible for the Crash of Bitcoin

The price of Bitcoin reached its peak a mere few days after the introduction of Bitcoin futures and suffered an 80% loss in the following year. In this paper, we find a significant and negative relationship between the introduction of Bitcoin futures and Bitcoin returns, and an insignificant or positive relationship for other 7 major non-Bitcoin cryptocurrencies. Within the first 45 days after the futures launch, Bitcoin suffered a -26.50% loss, while other cryptocurrencies could still provide positive returns. We presume that the launch of Bitcoin futures was to an extent responsible for the crash of Bitcoin

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Year of publication:	2020
Authors:	Liu, Ruozhou
Other Persons:	Wan, Shanfeng (contributor) ; Zhang, Zili (contributor) ; Zhao, Xuejun (contributor)
Publisher:	[2020]: [S.l.] : SSRN
Subject:	Finanzkrise \| Financial crisis \| Welt \| World \| Elektronisches Zahlungsmittel \| Electronic payment \| Finanzmarktregulierung \| Financial market regulation

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Extent:	1 Online-Ressource (12 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	In: Finance Research Letters, Forthcoming Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 14, 2019 erstellt
Other identifiers:	10.2139/ssrn.3333009 [DOI]
Classification:	G14 - Information and Market Efficiency; Event Studies ; G15 - International Financial Markets
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012850179