This paper fits in the trend of discussing the efficiency of cryptocurrency markets. Since 2008, when Bitcoin appeared on the market, arbitrageurs from all over the world have been trying to find the gaps in the markets, which will let them earn risk-free money using financial operations. Although a lot of researchers are trying to figure out arbitrage opportunities, looking at different exchanges and using different cryptocurrencies, so far hardly anyone has looked at arbitrage opportunities with the use of FIAT currencies within the same or different exchanges. This paper examines such opportunities for three different exchanges, i.e. Kraken, Bitfinex and Bitstamp -exchanges that enable trading in USD and EUR against Bitcoin at the same time. The main empirical results suggest that there are significant arbitrage opportunities on these markets. In the paper, we also show the main constraints in FIAT currencies arbitrage on cryptocurrency exchanges.

Financial leadership is about having the right feeling and demonstrating an intuition when it comes to investment and investment behaviour. Modern technological companies such as Facebook or Apple represent attractive assets for the investment attractiveness. However, one needs to be very careful where to invest and how much. The dotcom failure of the 1990s showed us how fragile all interesting and innovative ideas might be. This contribution focuses on the financial leadership in the context of the investment behaviour on financial markets. We analyse current financial trends and run an empirical model that describes the investment behaviour for traditional commodities (represented by gold) and the new arrivals represented by the stock market papers of the leading technological companies. Our results might be very useful for the potential investors and those who are interested in the analysis of the financial markets nowadays.

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