https://orcid.org/0000-0001-5629-7526
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ABSTRACT
This paper studies the herding behaviour among different exchanges trading bitcoin. The analysis allows us to conclude that the size of the exchange is an influencing parameter. Since 2018, when the significant growth in the number of exchanges became a reality, smaller exchanges have shown strong herding behaviour, whereas large exchanges seem to respond to their own information and beliefs and lead the process of price definition. This result may originate some temporary profitable strategies in the process of evolution towards efficiency according to the Adaptive Markets Hypothesis.
Disclosure statement
No potential conflict of interest was reported by the authors.
Additional information
Funding
This work was supported by the Ministerio de Ciencia e Innovación [PID2019-104304GB-I00/AEI/10.13039/501100011033,RTI2018-093483-B-I00]; Government of Aragon [S11_20R: Cembe].