The day-of-the-week pattern of price clustering in Bitcoin
Bitcoin, price clustering, cryptocurrency, day-of-the-week effect
Following Urquhart (2017) who finds evidence of price clustering in Bitcoin, we answer the question of whether the documented price clustering in Bitcoin is driven by any given day-of-the-week. We find evidence that Bitcoin prices cluster around whole numbers more on Fridays and least on Mondays. We also show that Bitcoin price clustering around the top three most frequent two-digit decimals is primarily a Friday phenomenon.
Mbanga, Cedric L. "The day-of-the-week pattern of price clustering in Bitcoin." Applied Economics Letters 26, no. 10 (2019): 807-811.
DOI for the article
Finance and General Business