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testing the efficient market hypothesis on bitcoin exchanges Bnb XRP aave Bonk coinbase futures litecoin futures cardano futures

Does market uncertainty affect bitcoin market efficiency?

Policy uncertainty measured by EPU and VIX was found to have no significant effect on the efficiency of Bitcoin, indicating that Bitcoin market efficiency is not influenced by economic or market uncertainty. Bitcoin market efficiency is significantly affected by volatility at a high quantile order of 0.7.

Is the VR test suitable for testing the EMH for bitcoin?

Among the various methods for measuring market efficiency, the variance ratio (VR) test is a well-known standard based on the random walk hypothesis 24; the increments of log price series are Gaussian white noise 25. We first examine whether the VR test is suitable for testing the EMH for the Bitcoin market.

What is the relationship between liquidity and efficiency in bitcoin market?

Wei ( 2018) studies the relationship between the liquidity and efficiency in the Bitcoin market. He finds that the more liquid the market is, the more efficient it becomes. He also observes that the Bitcoin inefficiency is decreasing with time.

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