Daily Trading Patterns in the Bitcoin/Euro Market

Abstract

Using bitcoin/euro transaction data from three exchanges of varying size and segmenting the Bitcoin transactions into periods based on market conditions, it can be seen that trading activity patterns change with market conditions and the Bitcoin exchange used. There is only limited evidence in support of a reduction in trading at the weekends which also depends on the exchange and market conditions. There is evidence to support Kurihara and Fukushima (2017) and Baur et al (2019) who find lower trading volume at the weekends, which is a direct reflection of fewer large transactions, as we find that for all three exchanges and in all market conditions the number of large transactions declines at the weekend.

Keywords: Bitcoin, Euro, DOW, Day-of-the-week, Trading Activity

JEL Classification: G15, F30