Herding and Feedback Trading in Cryptocurrency Markets

Today, the crash of 1987 is rather distant, although perhaps the deleterious effects of the tech bubble and subsequent crash of 2000 and the 2008-09 financial crisis are fresher in our minds. In the present day, we are experiencing what appears to be a growing trend in the use of cryptocurrencies as a medium of exchange and as a (speculative) asset for investing.2 Unlike conventional assets, cryptocurrencies have experienced a high degree of price volatility...
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