The day-of-the-week pattern of price clustering in Bitcoin |
| |
| Authors: | Cedric L Mbanga |
| |
| Institution: | Department of Finance and General Business, School of Business Administration Missouri State University, Springfield, USA |
| |
| Abstract: | Following Urquhart (2017) who finds evidence of price clustering in Bitcoin, we answer the question of whether the documented price clustering in Bitcoin is driven by any given day-of-the-week. We find evidence that Bitcoin prices cluster around whole numbers more on Fridays and least on Mondays. We also show that Bitcoin price clustering around the top three most frequent two-digit decimals is primarily a Friday phenomenon. |
| |
| Keywords: | Bitcoin price clustering cryptocurrency day-of-the-week effect |
|
|
