The impact of FED announcements on bitcoin price and on the bitcoin futures-spot spread

Mestrado Bolonha em FinançasThis dissertation analyzes the impact of the FOMC announcements on the Bitcoin price and the spread between Bitcoin futures and spot prices. The analysis covers the period from January 2022 to April 2023. An event-driven analysis model is used to determine the association between these events and Bitcoin. Results indicate that the FOMC announcements, specifically during a contractionary monetary policy cycle, do not exhibit a statistically significant influence on the prices of Bitcoin. Moreover, these announcements do not appear to affect the spread between the futures and spot prices of Bitcoin. However, further study suggests the indirect impact of Fed monetary policy decisions on Bitcoin returns. Results suggest that events that lead the market to form expectations of the Fed increasing interest rates negatively affect Bitcoin returns, while events that lead investors to anticipate the Fed pausing the rate hike cycle have a positive impact on Bitcoin returns. In contrast, statistical analysis shows that Bitcoin Spread is only affected by events that cause the market to anticipate a Fed interest rate hike decision. Furthermore, evidence suggests that the price of Bitcoin demonstrates a positive reaction to events characterized by turmoil within the banking system. Conversely, it exhibits a negative response to the collapse of cryptocurrency companies.Esta dissertação analisa o impacto dos anúncios do FOMC sobre o preço da Bitcoin e o spread entre os futuros da Bitcoin e os preços à vista. A análise abrange o período de janeiro de 2022 a abril de 2023. É utilizado um modelo de análise orientado por eventos para determinar a associação entre estes eventos e a Bitcoin. Os resultados indicam que os anúncios do FOMC, especificamente durante um ciclo de política monetária contracionista, não apresentam uma influência estatisticamente significativa sobre os preços da Bitcoin. Além disso, estes anúncios não parecem afetar o spread entre os preços de futuros e à vista da Bitcoin. No entanto, um estudo mais aprofundado sugere o impacto indireto das decisões de política monetária do Fed nos retornos da Bitcoin. Os resultados sugerem que os eventos que levam o mercado a formar expectativas de que a Fed aumente as taxas de juro afetam negativamente os retornos da Bitcoin, ao passo que os eventos que levam os investidores a antecipar que a Fed faça uma pausa no ciclo de subida das taxas têm um impacto positivo nos retornos da Bitcoin. Em contrapartida, a análise estatística mostra que o Bitcoin Spread só é afetado por eventos que levam o mercado a antecipar uma decisão de subida das taxas de juro da Fed. Além disso, as provas sugerem que o preço da Bitcoin demonstra uma reação positiva a eventos caracterizados por turbulência no sistema bancário. Por outro lado, apresenta uma reação negativa ao colapso das empresas de criptomoeda.info:eu-repo/semantics/publishedVersio

Vortex State in Na_xCoO_2.yH_2O: p_x\pm ip_y-wave versus d_{x^2-y^2}\pm id_{xy}-wave Pairing

Based on an effective Hamiltonian specified in the triangular lattice with possible $p_x\pm ip_y$- or $d_{x^2-y^2}\pm id_{xy}$-wave pairing, which has close relevance to the newly discovered Na$_{0.35}$CoO$_2$$\cdot y$H$_2$O, the electronic structure of the vortex state is studied by solving the Bogoliubov-de Gennes equations. It is found that $p_x\pm ip_y$-wave is favored for the electron doping as the hopping integral $t<0$. The lowest-lying vortex bound states are found to have respectively zero and positive energies for $p_x\pm ip_y$- and $d_{x^2-y^2}\pm id_{xy}$-wave superconductors, whose vortex structures exhibit the intriguing six-fold symmetry. In the presence of strong on-site repulsion, the antiferromagnetic and ferromagnetic orders are induced around the vortex cores for the former and the latter, respectively, both of which cause the splitting of the LDOS peaks due to the lifting of spin degeneracy. STM and NMR measurements are able to probe the new features of vortex states uncovered in this work.Comment: 4 pages, 4 figures, The slightly shorter version was submitted to PR