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| Type | Bachelor's Thesis |
| Scope | Discipline-based scholarship |
| Title | Analysis of the weak form of the market efficiency of the Bitcoin against USD market through a comparison of the excess returns achieved with technical analysis with the USD/EUR forex markete |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 37 |
| Date | 2020 |
| Abstract Text | The cryptocurrency market is still in its infancy and, as such, much more volatile than well-established markets such as the stock market or the forex market. Given this reality, the question arises whether the cryptocurrency market is less efficient than its counterparts from the traditional finance world and, if so, whether it will become more efficient as it matures. The efficient market hypothesis and the form in which markets are most efficient is a widely-discussed topic in the field of finance. The finance literature on this topic generally agrees that most of the markets in developed countries are efficient, but it continues to debate the degree to which these markets are efficient. Given that cryptocurrencies are a newly emergent market, comparing them with developed markets could clarify the differences between developed and newly emerged markets and how markets evolve. The object of this paper is to compare the BTC/USD market with the EUR/USD market via technical analysis in order to examine the differences in the market efficiency. The conclusions are that the newly emerged Bitcoin market is in fact slightly less efficient than the mature EUR/USD market. |
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