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Bhambhwani, S., Delikouras, S., Korniotis, G. M., & others. 2019. [i]Do fundamentals drive cryptocurrency prices? Added by: Jack (1/8/23, 2:38 PM) Last edited by: Jack (1/20/23, 6:00 PM) |
Resource type: Unpublished Work BibTeX citation key: Bhambhwani2019 View all bibliographic details |
Categories: Not Monero-focused Creators: Bhambhwani, Delikouras, Korniotis, others |
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Attachments Do Fundamentals.pdf [6/1602] | URLs https://news.miami ... 2019/12/crypto.pdf |
Abstract |
We examine if two fundamental blockchain characteristics affect cryptocurrency prices. They are computing power (hashrate) and network (number of users), which are related to blockchain trustworthiness and transaction benefits. We find a significant long-run relationship between these characteristics and the prices of prominent cryptocurren- cies. We also document that cryptocurrency returns are exposed to fundamental-based risk factors related to aggregate computing power and network, even after controlling for Bitcoin return and cryptocurrency momentum. In out-of-sample tests, the com- puting power and network factors can explain the return variation of a broad set of cryptocurrencies, whose fundamentals are not included in the factors
Added by: Jack Last edited by: Jack |