Which Form of EMH Is Most Applicable to the Current State of the Cryptocurrency Market?
The cryptocurrency market is generally considered to be closer to the Weak form of EMH, though possibly exhibiting some characteristics of Semi-Strong. Price data is readily available, but the high volatility and fragmented nature suggest inefficiencies that allow for profitable technical analysis and arbitrage.
The speed of information flow is uneven, which limits full Semi-Strong efficiency. The Strong form is widely rejected due to the presence of insider information and market manipulation.