Price Discovery In The Bitcoin Markets

Tatja Karkkainen, a scholar on financial technology who is pursuing a PhD at the University of Glasgow, has written an illuminating paper on price discovery in the bitcoin markets.

She begins with the observation that CBOE and CME introduced bitcoin futures in December 2017 "as the first institutional standard cryptocurrency derivative." In their first half year the volumes were low, but there has been enough trading to study whether futures are contributing to price discovery, that is, the process by which trading determines the efficient market value of an asset.

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