This paper tests the speculative trading in Bitcoin Brazilian market using daily data for Bitcoin spanning the 2011–2018 sample period. Two points are examined: the first is based in stylized facts about price dynamics on Brazilian market and the second implies in testing the hypothesis that speculative trading in Bitcon is resposible for its unusual volatility level. We check the existence of speculative trading in the Brazilian market based on three different experiments, broadly relevant to both market participants and academic researchers. Our results are summarized as follows: (i) The Bitcoin's bull on Brazilian market presented short duration, given the volatility exposed into period, showing signs of asymmetry in marketinformation and uncertainty; (ii) It was observed the different trajectories between volatilityand return, reflecting the high degree of speculation of the market; (iii). It was proved the ex-istence of speculative trading in Bitcoin's Brazilian market through three different experiments.

Artigo de autoria do economista Giácomo Barbinotto Neto  e de Emanuelle Nava Smaniottoa, professores da Universidade Federal do RS (Ufrgs), publicado na editoria The Quarterly Review of Economics and Finance, do Site sciencedirect.com

Clique AQUI para acessar o Artigo