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Title: Psychological barriers in the cryptocurrency market
Authors: Fonseca, Vítor
Pacheco, Luís Miguel
Lobão, Júlio
Keywords: Psychological barriers
Market efficiency
Issue Date: Aug-2019
Publisher: Emerald
Citation: Fonseca, V., Pacheco, L., & Lobão, J. (2019). Psychological barriers in the cryptocurrency market. Review of Behavioral Finance, xx(xx), xx-xx. doi: 10.1108/RBF-03-2019-0041. Disponível no Repositório UPT,
Abstract: 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.
Appears in Collections:REMIT – Artigos em Revistas Internacionais / Papers in International Journals

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