An Empirical Examination of Evening Bitcoin Market Dynamics
**An Empirical Examination of Evening Bitcoin Market Dynamics**
This paper empirically examines the evening Bitcoin market dynamics using high-frequency data. We find that evening trading hours exhibit unique features, including higher volatility and increased correlation with global stock markets. Additionally, we observe a significant long-term memory effect in the evening Bitcoin returns. These findings suggest that the evening Bitcoin market is influenced by both global macroeconomic factors and noise-driven speculation.
We employ statistical techniques to analyze the time-varying characteristics of the Bitcoin market, focusing on the evening trading hours. Our results provide novel insights into the behavior of the cryptocurrency market during this specific time period, contributing to a better understanding of its functioning and potential investment strategies.
