Price discovery in the cryptocurrency market: evidence from institutional activity

Blockchain in the age of industrial revolution: A systematic literature review using bibliometric analysis

“…Among the earliest proponents of Bitcoin investment by corporations was MicroStrategy, which remains the most active corporate purchaser of the cryptocurrency. After converting substantial portions of its reserve fund into Bitcoin in 2020 and executing a series of loans to acquire more, MicroStrategy currently holds approximately 122,478 Bitcoins on its financial records (Doan et al., 2022). In the tech sector, Square and Tesla have similarly embraced this strategy.…”

Attention to Authority: The Behavioural Finance of COVID-19

“…Firstly, this could reflect that Bitcoin is thought to be the most efficient cryptocurrency market (López-Martín et al, 2021). Secondly, an increasingly prominent role played by institutional investors (Alexander and Imeraj, 2021;Doan et al, 2022) which could dilute the impact of unsophisticated investor behaviour, proxied by Google Trends, upon Bitcoin markets.…”

“…The asset pricing of cryptocurrency is a live topic of academic research with many aspects relating to market efficiency (López-Martín et al, 2021) and price discovery (Doan et al, 2022) seemingly unresolved. This may in part by due to uncertainty surrounding the source of fundamental value (Cheah and Fry, 2015;Detzel et al, 2021).…”

“…This notwithstanding, it is likely that markets such as cryptocurrencies that are dominated by relatively unsophisticated individual investors would demonstrate predictable price patterns (De Bondt and Thaler, 1985). However, recent suggestions are that institutional investors are playing an increasingly prominent role in Bitcoin (Alexander and Imeraj, 2021;Doan et al, 2022).…”