摘要翻译：
该评论介绍了加密货币的历史，并对其背后的区块链技术进行了描述。加密货币和交易它们的交易所之间的差异已经显示出来。中心部分调查了各种平台上加密货币价格变化的分析。将加密货币市场波动的统计特性与传统市场进行了比较。借助最新的统计物理方法，分析了加密货币市场的非线性相关性和多尺度特性。最后，追溯了100种资本金规模最大的加密货币之间相关结构的协同演化。并从比特币的角度考虑了Binance平台上加密货币网络的详细拓扑结构。最后，本文提出并讨论了新冠肺炎疫情对加密货币市场影响的一个有趣观察：最近，我们目睹了加密货币从投资者逃离传统市场的避险机会变成了与货币、股票和商品等传统金融工具基本耦合的全球市场的一部分的“阶段转变”。主要贡献是广泛地证明了加密货币市场的结构性自组织导致其在单个时间序列水平上获得了与外汇市场几乎无法区分的复杂性特征。然而，加密货币平台上汇率之间的相互关联与之不同。加密货币市场的同步性较差，信息流动更慢，这导致套利机会更频繁。审查中使用的方法允许发现后者，并发现领先-滞后关系。
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英文标题：
《Multiscale characteristics of the emerging global cryptocurrency market》
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作者：
Marcin W\\k{a}torek, Stanis{\\l}aw Dro\\.zd\\.z, Jaros{\\l}aw Kwapie\\\'n,
Ludovico Minati, Pawe{\\l} O\\\'swi\\k{e}cimka, Marek Stanuszek
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最新提交年份：
2021
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：Statistical Finance 统计金融
分类描述：Statistical, econometric and econophysics analyses with applications to financial markets and economic data
统计、计量经济学和经济物理学分析及其在金融市场和经济数据中的应用
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一级分类：Computer Science 计算机科学
二级分类：Computational Engineering, Finance, and Science 计算工程、金融和科学
分类描述：Covers applications of computer science to the mathematical modeling of complex systems in the fields of science, engineering, and finance. Papers here are interdisciplinary and applications-oriented, focusing on techniques and tools that enable challenging computational simulations to be performed, for which the use of supercomputers or distributed computing platforms is often required. Includes material in ACM Subject Classes J.2, J.3, and J.4 (economics).
涵盖了计算机科学在科学、工程和金融领域复杂系统的数学建模中的应用。这里的论文是跨学科和面向应用的，集中在技术和工具，使挑战性的计算模拟能够执行，其中往往需要使用超级计算机或分布式计算平台。包括ACM学科课程J.2、J.3和J.4（经济学）中的材料。
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一级分类：Economics 经济学
二级分类：Econometrics 计量经济学
分类描述：Econometric Theory, Micro-Econometrics, Macro-Econometrics, Empirical Content of Economic Relations discovered via New Methods, Methodological Aspects of the Application of Statistical Inference to Economic Data.
计量经济学理论，微观计量经济学，宏观计量经济学，通过新方法发现的经济关系的实证内容，统计推论应用于经济数据的方法论方面。
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一级分类：Statistics 统计学
二级分类：Computation 计算
分类描述：Algorithms, Simulation, Visualization
算法、模拟、可视化
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英文摘要：
The review introduces the history of cryptocurrencies, offering a description of the blockchain technology behind them. Differences between cryptocurrencies and the exchanges on which they are traded have been shown. The central part surveys the analysis of cryptocurrency price changes on various platforms. The statistical properties of the fluctuations in the cryptocurrency market have been compared to the traditional markets. With the help of the latest statistical physics methods the non-linear correlations and multiscale characteristics of the cryptocurrency market are analyzed. In the last part the co-evolution of the correlation structure among the 100 cryptocurrencies having the largest capitalization is retraced. The detailed topology of cryptocurrency network on the Binance platform from bitcoin perspective is also considered. Finally, an interesting observation on the Covid-19 pandemic impact on the cryptocurrency market is presented and discussed: recently we have witnessed a \"phase transition\" of the cryptocurrencies from being a hedge opportunity for the investors fleeing the traditional markets to become a part of the global market that is substantially coupled to the traditional financial instruments like the currencies, stocks, and commodities. The main contribution is an extensive demonstration that structural self-organization in the cryptocurrency markets has caused the same to attain complexity characteristics that are nearly indistinguishable from the Forex market at the level of individual time-series. However, the cross-correlations between the exchange rates on cryptocurrency platforms differ from it. The cryptocurrency market is less synchronized and the information flows more slowly, which results in more frequent arbitrage opportunities. The methodology used in the review allows the latter to be detected, and lead-lag relationships to be discovered.
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