PANGESTUTI, Irene Rini Demi (2018) WEAK FORM MARKET EFFICIENCY ANALYSIS IN THE CRYPTOCURRENCY MARKET. 2 nd International Conference on Management & Entrepreneurship (2 nd i-CoME). ISSN ISBN 978-602-5446-10-8

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Abstract

Research on the efficiency of financial markets is mostly done in the context of the capital market, though the financial market
has grown so rapidly. One of the fast-growing results of financial innovation is the virtual currency/cryptocurrency pioneered by
Bitcoin. Bitcoin market is growing rapidly even exceeds the capital market capitalization of a country, currently. This study,
therefore, examines the efficiency of the Bitcoin market. The data in this study is the daily closing data of Bitcoin. This data is
obtained from Yahoo Finance, while the research period used is the period July 17, 2010, to February 7, 2018, so as many as
2762 days of observation. Data analysis is done by Run Test. The results of this study indicate that Bitcoin markets do not run
randomly, so it is inefficient in weak form. These findings suggest that technical analysis can be used in the Bitcoin market.

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