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Investors tend to sell their winning investments and hold onto their losers. This phenomenon, known as the emph{disposition effect} in the field of behavioural finance, is well-known and its prevalence has been shown in a number of existing markets. But what about new atypical markets like cryptocurrencies? Do investors act as irrationally as in traditional markets? One might suspect this and hypothesise that cryptocurrency sells occur more frequently in positive market conditions and less frequently in negative market conditions. However, there is still no empirical evidence to support this. In this paper, we expand on existing research and empirically investigate the prevalence of the disposition effect in Bitcoin by testing this hypothesis. Our results show that investors are indeed subject to the disposition effect, tending to sell their winning positions too soon and holding on to their losing position for too long. This effect is very prominently evident from the boom and bust year 2017 onwards, confirmed via most of the applied technical indicators. In this study, we show that Bitcoin traders act just as irrationally as traders in other, more established markets.
Bitcoin is a peer-to-peer electronic payment system that popularized rapidly in recent years. Usually, we need to query the complete history of Bitcoin blockchain data to acquire variables with economic meaning. This becomes increasingly difficult no
We survey recent results on the mathematical stability of Bitcoin protocol. Profitability and probability of a double spend are estimated in closed form with classical special functions. The stability of Bitcoin mining rules is analyzed and several t
Bitcoin has become the leading cryptocurrency system, but the limit on its transaction processing capacity has resulted in increased transaction fees and delayed transaction confirmation. As such, it is pertinent to understand and probably predict ho
Background: During the last years, there has been a lot of discussion and estimations on the energy consumption of Bitcoin miners. However, most of the studies are focused on estimating energy consumption, not in exploring the factors that determine
The Bitcoin protocol prescribes certain behavior by the miners who are responsible for maintaining and extending the underlying blockchain; in particular, miners who successfully solve a puzzle, and hence can extend the chain by a block, are supposed