Stages of a speculative bubble in the asset class Cryptocurrencies

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Stages of a speculative bubble in the asset class Cryptocurrencies

Daxhammer, Rolf J.; Facsar, Máté
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URI: http://hdl.handle.net/10900/85539
http://nbn-resolving.de/urn:nbn:de:bsz:21-dspace-855394
http://dx.doi.org/10.15496/publikation-26929
Dokumentart: Article
Date: 2019-01-09
Source: Reutlinger Diskussionsbeiträge zu Finanz- & Rechnungswesen ; 2018,1
Language: English
Faculty: 9 Sonstige / Externe
Department: Sonstige/Externe
DDC Classifikation: 330 - Economics
Keywords: Finanzwirtschaft , Währung , Spekulation
Other Keywords:
Bitcoin
Cryptocurrencies
Speculative Bubbles
Behavioral Finance
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Abstract:

At the beginning of 2017 the price of one Bitcoin, one of the most popular Cryptocurrencies, was at barely 1.000 USD. By mid-December 2017 the price not only surged 20x to an all-time high (ATH) but the number of other Cryptocurrencies offered to the public increased to more than 1.500 raising 6.5 billion USD via initial coin offerings alone in 2017. One year after the All-Time-Highs, the Bitcoin price not only tumbled about 80 percent from its highs but it also fell below the estimated break-even price needed to make the mining process aka validation of Cryptocurrency transactions profitable. The following paper will follow Cryptocurrencies in their stages of a typical speculative bubble.

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