Does Intraday Bitcoin Market Anomalies Have Geographical Nexus? Discussion and Future Research

Abstract

This paper provides evidence for differential behaviour of market participants in trading differently at different intervals of the day by examining intraday anomalies in Bitcoin. One-minute interval prices of Bitcoin from January 2021 to June 2022 were collected and used heatmaps and student's t-tests for the analysis. Short-run intraday anomalies are found during some hours of both Bitcoin exchanges. These anomalies have casual geographical nexus to stock market timings of US, Canada, India, China, Saudi Arabia, and Netherlands. As far as the authors are concerned, this study gives conclusive evidence for short-run intraday anomalies in Bitcoin markets and its geographical nexuses.