This study utilises a dataset of 58 state-level marijuana decriminalisation and legalisation bills and referenda in the United States in 2010-2022 to estimate the implications of illicit market use for the value of Bitcoin in an event studies framework. Decriminalisation is associated with a...

This study discovers a statistically and economically significant intraday anomaly on Bitcoin markets. Positive returns of 0.58 bps per minute are disproportionately concentrated at the turn of 15-minute candles (in minutes 0, 15, 30, and 45 of each trading hour). Average returns in other...

This study discovers a statistically and economically significant intraday anomaly on Bitcoin markets. Positive returns of 0.58 bps per minute are disproportionately concentrated at the turn of 15-minute candles (in minutes 0, 15, 30, and 45 of each trading hour). Average returns in other...