Penalty shootouts and bitcoin trading

Abstract

Soccer is the most popular sport in the world, and bitcoin is a global asset. Penalty shootouts represent an important stage in a soccer match and generate an enormous amount of public interest and attention. Bitcoin trading experiences a significant drop in volume and volatility during penalty shootouts at major international soccer tournaments. After the conclusion of penalty shootouts, the intensity of bitcoin trading exhibits a swift and a strong rebound. Significant fluctuations in trading volume and volatility of bitcoin around penalty shootouts are primarily driven by the variation in number of trades rather than in trade size.