Integration among Cryptocurrency Market – A Case of Three Major Exchanges Of Bitcoin

  • Manminder Singh Saluja Assistant Professor (Senior Scale) International Institute of Professional Studies, DAVV, Indore- INDIA
  • Surendra Malviya Assistant Professor International Institute of Professional Studies, DAVV, Indore- INDIA
  • Wasim Ansari Alumni International Institute of Professional Studies, DAVV, Indore- INDIA
Keywords: Bitcoin, Bitfinex, Bitstamp, Coinbase, Cryptocurrency


Bitcoin is a digital currency, not just any digital currency but a self-regulated most popular one, that has risen from dirt to a whopping competitor to dollars in international payments in last three years. This research is being conducted to look for price formation and transmission amongst various exchanges trading Bitcoin. The data of daily closing prices of bitcoin in three major exchanges i.e. Coinbase, Bitstamp and Bitfinex exhibited unit root at I (0) and were integrated at first order. The two cointegrating vectors unveiled a existence of long run relationship between Bitfinex & Coinbase and Bitfinex & Bitstamp with a short term deviation of -0.1732 and -0.3469 respectively.


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