1. Recent academic research has shown that the cryptocurrency markets have now become more efficient. You decide to examine the market efficiency based on the price movements of two largest cryptocurrencies: Bitcoin and Ethereum in April. A significant crypto event occurred in April was the Turkish Central Bank banning the use of cryptocurrencies on the 16^th of April. Looking at the price movements in the Figure below, do you think the cryptocurrency market is efficient? You may explain it in terms of the impact of the news and the direction of price change. (2 marks)

Date 1/04/2021 2/04/2021 3/04/2021 4/04/2021 5/04/2021 6/04/2021 7/04/2021 8/04/2021 9/04/2021 10/04/2021 11/04/2021 12/04/2021 13/04/2021 14/04/2021 15/04/2021 16/04/2021 17/04/2021 18/04/2021 19/04/2021 20/04/2021 21/04/2021 22/04/2021 23/04/2021 24/04/2021 25/04/2021 BTC price 45000 47000 49000 51000 53000 55000 57000 59000 61000 63000 65000 ETH price BTC and ETH Price Movement in April 2021 Date 1/04/2021 2/04/2021 3/04/2021 4/04/2021 5/04/2021 6/04/2021 7/04/2021 8/04/2021 9/04/2021 10/04/2021 11/04/2021 12/04/2021 13/04/2021 14/04/2021 15/04/2021 16/04/2021 17/04/2021 18/04/2021 19/04/2021 20/04/2021 21/04/2021 22/04/2021 23/04/2021 24/04/2021 25/04/2021 BTC price 45000 47000 49000 51000 53000 55000 57000 59000 61000 63000 65000 ETH price BTC and ETH Price Movement in April 2021