Lawful Sequence of Events and Cryptocurrency Anomalies: An Empirical Investigation

Parul Bhatia and Lipika Jain

FIIB Business Review, 2025, vol. 14, issue 1, 71-88

Abstract: The structural variations related to legal tender of cryptocurrencies operating across the world markets has been instable since their inception. There have been many changes incorporated for their status to be recognized as a legal financial instrument for investment purposes over the virtual financial markets. The concept of anomalies associated with the popular efficient market hypotheses given by Eugene Fama existed for Bitcoin and few other cryptocurrencies over a period of time. The present work attempts to contribute to the existing literature on cryptocurrency studies. A focused investigation has been carried for cryptocurrencies to find different behaviour of returns on these currencies over a varied response from various countries with respect to their permissible manoeuvres. The study has used independent sample t -test, one-way ANOVA and dummy regression analysis to examine the day of the week effect for a time period between 2014–2020 split into multiple sub-periods. Anomalies have been found for cryptocurrencies across multiple sub-periods with varied magnitude.

Keywords: Cryptocurrency; anomalies; returns; day of the week effect; legal tender (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:sae:fbbsrw:v:14:y:2025:i:1:p:71-88

DOI: 10.1177/23197145211042438

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