Emilio Barucci, Giancarlo Giuffra Moncayo & Daniele Marazzina

Politecnico di Milano

Abstract

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.

https://link.springer.com/article/10.1007/s42521-022-00055-9