IDEAS home Printed from https://ideas.repec.org/a/acc/malfin/v37y2022i117p177-196.html
   My bibliography  Save this article

Weak Form Efficiency and Cryptocurrency Market

Author

Listed:
  • Süleyman Açıkalın

    (Hitit University)

  • İlker Sakınç

    (Hitit University)

Abstract

The aim of this study is to test whether the cryptocurrency market is a weak-form efficient market according to the random walk Hypothesis. In this study, the return series between 02.01.2018 and 18.08.2021 of the seven crypto currencies was used. The hypothesis was tested with the normality, the unit root, the running and the variance ratio test methods. As a result, it was concluded that the series do not have a normal distribution, they are stationary, there is no temporal independence in the series and the series do not have the characteristics of a random walk series. These results show us that the cryptocurrency market is not a weak-form efficient market.

Suggested Citation

  • Süleyman Açıkalın & İlker Sakınç, 2022. "Weak Form Efficiency and Cryptocurrency Market," Journal of Finance Letters (Maliye ve Finans Yazıları), Maliye ve Finans Yazıları Yayıncılık Ltd. Şti., vol. 37(117), pages 177-196, April.
    • Handle: RePEc:acc:malfin:v:37:y:2022:i:117:p:177-196
    DOI: https://doi.org/10.33203/mfy.1084658
    as

    Download full text from publisher

    File URL: https://dergipark.org.tr/en/download/article-file/2297374
    Download Restriction: no
    File URL: https://libkey.io/https://doi.org/10.33203/mfy.1084658?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Keywords

    Efficient Market Hypothesis; Weak Form Efficiency; Cryptocurrencies;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:acc:malfin:v:37:y:2022:i:117:p:177-196. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Süleyman Kale (email available below). General contact details of provider: https://dergipark.org.tr/en/pub/mfy .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.