Market structure of cryptocurrencies

Jiri Svec, Sean Foley, Angelo Aspris

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

Cryptocurrencies are an electronic medium of exchange that can be traded by different trading groups via digital currency exchanges. A growing list of altcoins has seen a proliferation of cryptocurrency exchanges emerge over the last decade as regulations in many countries around the world struggle to comprehend with appropriate investor protection rules. Although there is no central authority to register these exchanges, it is estimated that there are currently up to five hundred exchanges in circulation, characterised by varying platforms, geographical reach, and compliance with regulatory frameworks. Cryptocurrency markets share many similar characteristics with both foreign exchange and equity markets such as limit order books and matching algorithms, and exchanges that can be both centralised or decentralised. As these markets are still in their infancy, what shape or form they will take in future will depend on a combination of acceptance from consumers, the investment community, as well as worldwide regulators.
Original languageEnglish
Title of host publicationCryptocurrency and blockchain technology
EditorsShaen Corbet, Andrew Urquhart, Larisa Yarovaya
Place of PublicationBerlin/Boston
PublisherDe Gruyter
Pages97–112
Number of pages16
ISBN (Electronic)9783110659528, 9783110660807
ISBN (Print)9783110659436
DOIs
Publication statusPublished - 2020
Externally publishedYes

Publication series

NameBatten–Corbet–Lucey Handbooks in Alternative Investments
PublisherDe Gruyter
Volume1
ISSN (Print)2629-3714

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