earticle

영어

As users’ interests of cryptocurrency has been increased, investment volume of it also increases. In the cryptocurrency market, it cannot always be distributed homogenous information to all investors, similar to the stock market because it reflects the characteristics of a market microstructure. Cryptocurrency traders, thus, like stock investors, can experience the information asymmetry in the market and cannot but help to depend on private information. The purpose of this study is to estimate the trading intensity of informed traders and uninformed traders among cryptocurrency investors around the world based on PIN (Probability of Informed Trading). We have an aim to compare the difference of information asymmetry according to the ten types of cryptocurrency. The results of this study are expected to prevent the continuous increase of suspicious transactions related to cryptocurrency and contribute to the development of a sound cryptocurrency market.