Psychological barriers in the cryptocurrency market

Detalhes bibliográficos
Autor(a) principal: Fonseca, Vítor
Data de Publicação: 2019
Outros Autores: Pacheco, Luís Miguel, Lobão, Júlio
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/11328/2900
Resumo: Purpose: The purpose of this paper is to study the existence of psychological barriers in cryptocurrencies. Design/methodology: To detect psychological barriers we perform a uniformity test, a barrier hump test, a barrier proximity test and conditional effects test to a sample comprised by the daily closing quotes of six of the most liquid cryptocurrencies. Findings: The results evidence the existence of psychological barriers in four of the cryptocurrencies under scrutiny, namely, Bitcoin, Dash, NEM and Ripple. Practical implications: The fact that the cryptocurrency market has a high share of unexperienced investors and presents several cases of psychological barriers is consistent with the hypothesis that that class of investors is particularly prone to the behavioral biases which cause psychological barriers. Originality/value: This paper studies for the first time the existence of psychological barriers in the market of cryptocurrencies.
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spelling Psychological barriers in the cryptocurrency marketPsychological barriersCryptocurrenciesBitcoinMarket efficiencyPurpose: The purpose of this paper is to study the existence of psychological barriers in cryptocurrencies. Design/methodology: To detect psychological barriers we perform a uniformity test, a barrier hump test, a barrier proximity test and conditional effects test to a sample comprised by the daily closing quotes of six of the most liquid cryptocurrencies. Findings: The results evidence the existence of psychological barriers in four of the cryptocurrencies under scrutiny, namely, Bitcoin, Dash, NEM and Ripple. Practical implications: The fact that the cryptocurrency market has a high share of unexperienced investors and presents several cases of psychological barriers is consistent with the hypothesis that that class of investors is particularly prone to the behavioral biases which cause psychological barriers. Originality/value: This paper studies for the first time the existence of psychological barriers in the market of cryptocurrencies.Emerald2019-09-16T14:01:18Z2020-09-30T00:00:00Z2019-08-01T00:00:00Z2019-08info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/11328/2900eng10.1108/RBF-03-2019-0041Fonseca, VítorPacheco, Luís MiguelLobão, Júlioinfo:eu-repo/semantics/embargoedAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-06-15T02:11:20ZPortal AgregadorONG
dc.title.none.fl_str_mv Psychological barriers in the cryptocurrency market
title Psychological barriers in the cryptocurrency market
spellingShingle Psychological barriers in the cryptocurrency market
Fonseca, Vítor
Psychological barriers
Cryptocurrencies
Bitcoin
Market efficiency
title_short Psychological barriers in the cryptocurrency market
title_full Psychological barriers in the cryptocurrency market
title_fullStr Psychological barriers in the cryptocurrency market
title_full_unstemmed Psychological barriers in the cryptocurrency market
title_sort Psychological barriers in the cryptocurrency market
author Fonseca, Vítor
author_facet Fonseca, Vítor
Pacheco, Luís Miguel
Lobão, Júlio
author_role author
author2 Pacheco, Luís Miguel
Lobão, Júlio
author2_role author
author
dc.contributor.author.fl_str_mv Fonseca, Vítor
Pacheco, Luís Miguel
Lobão, Júlio
dc.subject.por.fl_str_mv Psychological barriers
Cryptocurrencies
Bitcoin
Market efficiency
topic Psychological barriers
Cryptocurrencies
Bitcoin
Market efficiency
description Purpose: The purpose of this paper is to study the existence of psychological barriers in cryptocurrencies. Design/methodology: To detect psychological barriers we perform a uniformity test, a barrier hump test, a barrier proximity test and conditional effects test to a sample comprised by the daily closing quotes of six of the most liquid cryptocurrencies. Findings: The results evidence the existence of psychological barriers in four of the cryptocurrencies under scrutiny, namely, Bitcoin, Dash, NEM and Ripple. Practical implications: The fact that the cryptocurrency market has a high share of unexperienced investors and presents several cases of psychological barriers is consistent with the hypothesis that that class of investors is particularly prone to the behavioral biases which cause psychological barriers. Originality/value: This paper studies for the first time the existence of psychological barriers in the market of cryptocurrencies.
publishDate 2019
dc.date.none.fl_str_mv 2019-09-16T14:01:18Z
2019-08-01T00:00:00Z
2019-08
2020-09-30T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/11328/2900
url http://hdl.handle.net/11328/2900
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 10.1108/RBF-03-2019-0041
dc.rights.driver.fl_str_mv info:eu-repo/semantics/embargoedAccess
eu_rights_str_mv embargoedAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Emerald
publisher.none.fl_str_mv Emerald
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv
repository.mail.fl_str_mv
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