Author Peyton Tian-Yan
As of 31st March 2018, Japan recorded 3.5 million active cryptocurrency traders and marked one of the most active countries in the global cryptocurrency space. Japan was the first country to regulate cryptocurrency trading after experiencing hack cases such as Mt.Gox and Coincheck that incurred $450 million & $530 million respectively. The country has since adopted a progressive regulatory policy, hoping to give appropriate guidance without impeding technology and innovation.
The ‘calendar effect’ is a type of market anomaly that seemed to be related to the Calendar (such as days of the week, vacation days and even tax season). The most studied calendar effect would be the ‘Holiday Effects’ on stocks markets where stock returns tend to be abnormally high, with spikes in trading volumes on the last trading day prior to major holidays such as Thanksgiving and Christmas.