[Article] Cryptocurrencies and stablecoins: a high-frequency analysis

Emilio BarucciGiancarlo Giuffra Moncayo & Daniele Marazzina

Politecnico di Milano


We analyze cryptoasset markets (cryptocurrencies and stablecoins) at high frequency. We investigate intraday patterns. We show that Tether plays a crucial role as a safe haven and/or store of value facilitating trading in cryptocurrencies without going through traditional currencies. Markets centered on cryptocurrencies and stablecoins play a primary role aggregating preference/technology shocks and heterogeneous opinions, instead markets centered on the US dollar play a marginal role on price formation.


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