Lee Hanol, Wie Dainn
Research Institute of Economics and Management, Southwestern University of Finance and Economics, 555, Liutai Avenue, Wenjiang District, Chengdu, Sichuan, 611130, People's Republic of China.
National Graduate Institute for Policy Studies, B902, 7-22-1, Roppongi, Minato-ku, Tokyo, 106-8677, Japan.
Heliyon. 2023 Jul 14;9(7):e18231. doi: 10.1016/j.heliyon.2023.e18231. eCollection 2023 Jul.
Disruption and shutdown of exchanges frequently happen in the cryptocurrency market, though its potential impacts are relatively under-investigated due to several empirical challenges. This study employs 20-h of service interruption on October 15th at , the dominant cryptocurrency exchange in Korea, as an exogenous shock to examine the effect of unexpected service interruption at the exchange on cryptocurrency market. Event study estimation using price data from the largest cryptocurrency exchange globally, shows the sharp and negative reactions to cryptocurrencies mostly traded at . Major currencies such as Bitcoin and Ethereum also presented limited reactions, implying that service interruption could be interpreted as vulnerability of overall cryptocurrencies.
加密货币市场中交易平台的中断和关闭频繁发生，不过由于一些实证挑战，其潜在影响的研究相对不足。本研究将韩国主要加密货币交易平台于10月15日出现的20小时服务中断作为一种外部冲击，以检验该交易平台意外的服务中断对加密货币市场的影响。利用全球最大加密货币交易平台的价格数据进行的事件研究估计显示，对主要在该平台交易的加密货币有急剧的负面反应。比特币和以太坊等主要货币的反应也有限，这意味着服务中断可被视为整个加密货币的脆弱性表现。
