Skip to Main content Skip to Navigation
Journal articles

Centralized and decentralized bitcoin markets: Euro vs USD vs GBP

Abstract : In this study, I compared the euro, U.S. dollar, and British pound sterling (GBP) centralized and decentralized bitcoin cryptocurrency markets in terms of return volatility and interdependency. This comparison showed the decentralized bitcoin market has higher volatility and the centralized markets have higher tail dependence regarding returns. The volatility analysis results are contrary to the established leverage reasons that market drops cause volatility. The results demonstrate a higher left tail dependence is in line with the general pattern in “traditional” financial markets which more extreme dependent in downturns. It was also shown trade volume increases as prices decrease, demonstrating participants’ lack of confidence and consensus in a price-jump period.
Document type :
Journal articles
Complete list of metadata
Contributor : Accord Elsevier CCSD Connect in order to contact the contributor
Submitted on : Thursday, October 21, 2021 - 9:44:59 PM
Last modification on : Wednesday, November 3, 2021 - 9:34:18 AM
Long-term archiving on: : Saturday, January 22, 2022 - 9:21:56 PM


Files produced by the author(s)


Distributed under a Creative Commons Attribution - NonCommercial 4.0 International License




Roman Matkovskyy. Centralized and decentralized bitcoin markets: Euro vs USD vs GBP. Quarterly Review of Economics and Finance, Elsevier, 2019, 71, pp.270-279. ⟨10.1016/j.qref.2018.09.005⟩. ⟨hal-02127175⟩



Record views


Files downloads