The Impact of Cryptocurrency-Related Cyberattacks on Cryptocurrencies and Traditional Financial Assets
Master thesis
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https://hdl.handle.net/11250/2687376Utgivelsesdato
2020-06Metadata
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- Studentoppgaver (Business) [1121]
Sammendrag
This thesis investigates the impact of cryptocurrency-related cyberattacks on the
cryptocurrency market as well as on traditional financial markets. We utilize a
dataset consisting of historical data on cyberattacks and daily trading data for
twenty cryptocurrencies, five payment system stocks, four stock indices and one
commodity, over the sample period of December 27, 2013 - December 31, 2019.
Regarding the impact on cryptocurrencies, we find that cryptocurrency-related
cyberattacks are associated with negative returns, increased volatility and increased
trading volume. The size of the impact depends on the magnitude of the
cyberattack and this impact is decreasing over time. Furthermore, the results
provide evidence that cryptocurrency-related cyberattacks are associated with
negative returns and elevated volatility not only for cryptocurrencies, but also for
payment companies, the financial and technology sectors, and the general stock
market. On the other hand, these attacks are associated with positive returns for
gold, and their impact on the commodity index is insignificant.
Beskrivelse
Master's thesis in Applied Finance