Cryptocurrency Pricing and Trading

Dear Colleagues,

This Special Issue of Risks will feature original research focused on the evolving landscape of cryptocurrency pricing and trading. This encompasses a wide range of topics, from the implications of artificial intelligence (AI) and technological advancements on trading strategies and market behavior to new developments and innovations within cryptocurrency markets.

The rapid advancement of trading strategies, supported by machine learning and financial innovation, emphasizes the need for ongoing research to navigate technological evolutions and their market impacts (Fang et al., 2022; Koker & Koutmos, 2020). In addition, the development of more accurate asset pricing models for cryptocurrencies contributes to our foundational knowledge of digital currency valuation (Gregoriou, 2019; Momtaz, 2021). Investigations into behavioral economics, specifically herd behavior and feedback trading, along with trading and arbitrage opportunities shed light on market efficiency, liquidity, and profit-making strategies within cryptocurrency markets (King & Koutmos, 2021; Makarov & Schoar, 2020).

Moreover, the relationship between traditional and crypto markets, as evidenced by their sensitivity to global uncertainties, particularly in major economies, underscores the importance of cryptocurrencies in the global financial ecosystem (Almeida et al., 2024). The market microstructure and the interplay between cryptocurrencies and other digital assets, such as NFTs, also reveal the complex mechanisms of digital finance and its implications for investors (Almeida & Gonçalves, 2023b; Dowling, 2022). Due to crypto currency’s unique market dynamics, it is essential to understand the psychological factors influencing traders' decisions. Insights into how emotions affect trading decisions can significantly enhance our understanding of cryptocurrency market behaviors, providing a deeper dive beyond what traditional financial models can offer (Ahn & Kim, 2021; Almeida & Gonçalves, 2023a).

We seek submissions that delve into the vast landscape of cryptocurrency pricing and trading, focusing on innovative research that spans financial analysis, market dynamics, regulatory impacts, and advanced computational approaches to understanding digital currencies.

List of topic areas:

• Empirical analysis of cryptocurrency price determinants;
• Trading volume and its impact on cryptocurrency markets;
• Algorithmic trading strategies in cryptocurrency markets;
• Market sentiment analysis and its effect on cryptocurrency pricing;
• Regulatory impact on cryptocurrency trading and valuation;
• Cryptocurrency market efficiency and speculation;
• Risk assessment and management in cryptocurrency investments;
• Comparative analysis of crypto and traditional assets in terms of pricing and trading;
• Innovations in cryptocurrency trading platforms and instruments.

Inquiries: Questions about submission guidelines, topic suitability, or any other related matters can be sent to Dr. Tiago Cruz Gonçalves (tiago@iseg.ulisboa.pt).

References

• Ahn, Y., & Kim, D. (2021). Emotional trading in the cryptocurrency market. Finance Research Letters, 42(August 2020), 101912. https://doi.org/10.1016/j.frl.2020.101912
• Almeida, J., Gaio, C., & Gonçalves, T. C. (2024). Crypto market relationships with bric countries’ uncertainty – A wavelet-based approach. Technological Forecasting and Social Change, 200(December 2023). https://doi.org/10.1016/j.techfore.2023.123078
• Almeida, J., & Gonçalves, T. C. (2023a). A systematic literature review of investor behavior in the cryptocurrency markets. Journal of Behavioral and Experimental Finance, 37, 100785. https://doi.org/10.1016/j.jbef.2022.100785
• Almeida, J., & Gonçalves, T. C. (2023b). Cryptocurrency market microstructure: a systematic literature review. Annals of Operations Research. https://doi.org/doi.org/10.1007/s10479-023-05627-5
• Dowling, M. (2022). Is non-fungible token pricing driven by cryptocurrencies? Finance Research Letters, 44(April 2021), 102097. https://doi.org/10.1016/j.frl.2021.102097
• Fang, F., Ventre, C., Basios, M., Kanthan, L., Martinez-Rego, D., Wu, F., & Li, L. (2022). Cryptocurrency trading: a comprehensive survey. In Financial Innovation (Vol. 8, Issue 1). Springer Berlin Heidelberg. https://doi.org/10.1186/s40854-021-00321-6
• Gregoriou, A. (2019). Cryptocurrencies and asset pricing. Applied Economics Letters, 26(12), 995–998. https://doi.org/10.1080/13504851.2018.1527439
• King, T., & Koutmos, D. (2021). Herding and feedback trading in cryptocurrency markets. Annals of Operations Research, 300(1), 79–96. https://doi.org/10.1007/s10479-020-03874-4
• Koker, T. E., & Koutmos, D. (2020). Cryptocurrency Trading Using Machine Learning. Journal of Risk and Financial Management, 13(8). https://doi.org/10.3390/jrfm13080178
• Makarov, I., & Schoar, A. (2020). Trading and arbitrage in cryptocurrency markets. Journal of Financial Economics, 135(2), 293–319. https://doi.org/10.1016/j.jfineco.2019.07.001
• Momtaz, P. P. (2021). The Pricing and Performance of Cryptocurrency. European Journal of Finance, 27(4–5), 367–380. https://doi.org/10.1080/1351847X.2019.1647259

Dr. Tiago Gonçalves
Guest Editor

Dr. José Almeida
Co-Guest Editor

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