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Crypto / Blockchain Market Financial Services / Infrastructure Lending Merchant Payment Gateways Fiat-backed Stablecoins Tokenized Real-world Assets Compound Maker Celsius BitPay CoinPayments CoinGate Circle (USDC) Gemini Dollar Tether Power Ledger BananaCoin Water Ledger Trading Marble Dharma Nexo Savvy Blockonomics BTCPayServer TrueUSD Digix Paxos Grid Singularity GRID+ Harbor EthLend WeTrust MicroMoney NetCents Opennode Reserve Stably Stasis Slice Brickblock Meridio Centralized Exchanges Non-custodial Exchanges / Token Swaps Market Makers / Tools BloqBoard Colendi nuo Carbon Mattereum Figure Homium Alameda DDEX OASIS Dex Loopring Galois Hummingbot Derivatives Coinbase Bitstamp itBit Research Alchemy SALT ripio Securrency tZERO Securitize MARKET bitFlyer Huobi Binance Kyber Bancor 0x Wyre Bakkt dYdX Crypto-backed Stablecoins Cred Protocol New Alchemy Abacus BitBox Bittrex OKex Binance DEX AirSwap EtherDelta LedgerX VariabL CME Maker DAI Celo AUGMINT (LINE) OTC Trading CoinSuper ShapeShift Bitfinex ForkDelta Totle Paradex Fundraising bZx UMA DAXIA xDAI bitUSD StableUnit Insurance Galaxy Cumberland Gemini Digital Gemini UPBit BitMEX Radar Relay Uniswap SparkSwap Swarm Coinlist Fairmint Synthetix Synthetix Ampleforth NuBits Etherisc Nexus Mutual iXledger Genesis Coinbase OTC Circle Trade IDex Arwen Bisq Polymath Kraken Poloniex Bithumb VouchForMe DelphX Token Baskets otcxn FRNT Prediction Markets currency.com Set bskt Trade Execution Algorithmic Stablecoins Veil Augur Gnosis Open Asset Management Tagomi SeedCX ErisX Kowala Terra Guesser Bodhi stox Meter melonport Betoken FalconX SFox TradeBlock Helena Non-Final Version Mining Core Technology Platforms Custody Request for Feedback Wallets Mining Services Mining Pools Staking Services Currencies Smart Contract Platforms Enterprise Chains 1. Are there any major Electrum Metamask Square Cash Vogogo BlockchainK2 Argo mining AntPool SlushPool ethpool NEAR Staked Chrous One Mythos Ethereum Dfinity Bitcoin Litecoin Nano Protocol HyperLedger r3 Quorum projects / teams / Blockstream Jaxx Atomic Staking Hut 8 Mining iMining Hyperblock BTC.com F2Pool dwarfpool Ethereum Green Certus.One NodeSwap Oasis Labs Tezos Facilities companies missing? Ergo Decred Bitcoin Gold Classic Digital Asset BlockApps Kadena Figment Marathon PG Hashchain HoneyMiner BTCC Poolin nanopool Uphold TrustWallet Exodus Coinbase StakeWith.Us 2. Are there any major Qtum Harmony Conflux PeerNova Networks Dash Dogecoin Bitcoin Cash Symbiont Cuneiform mis-classifications of ViaBTC Celery CoinPayments BRD Wallet Vest Staker Bison Trails projects / companies? avalanche NEO icon Bitcoin Core Wasabi Casa Privacy Coins Cardano Concordium Zilliqa Sidechains / Layer 2 3. Are there any missing NEM Unsorted ASICs FPGA Mining Lightning Blockchain.info Zap BlueWallet categories? Monero Zcash Beam Raiden Plasma Chains Institutional Custody Bytom IOST bitShares Network banano Bitfury Obelisk Innosilicon Edge CoinSafe Eclair SQRL AtomMiner Zetheron Grin zcoin Verge Thunder Solana Ontology Magmo Loom Network SKALE Labs Anchorage Xapo BitGo Coinbase Please send comments to Bitmain EBANG Whatsminer Dapper Breez Wallet Bakkt Custody Fidelity Curv [email protected] or Alto.financial aeternity Waves Bamboo Counterparty TrueBit OMNI Layer Ambo NetCents Argent Cross-border / Cross-institutional Blockstream Coinbase anyone on the Electric team. 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  • Peer Co-Movement in Crypto Markets
    Peer Co-Movement in Crypto Markets G. Schwenkler and H. Zheng∗ February 4, 2021y Abstract We show that peer linkages induce significant price co-movement in crypto markets in excess of common risk factors and correlated demand shocks. When large abnormal return shocks hit one crypto, its peers experience unusually large abnormal returns of the opposite sign. These effects are primarily concentrated among smaller peers and revert after several weeks, resulting in predictable returns. We develop trading strategies that exploit this rever- sal, and show that they are profitable even after accounting for trading fees and frictions. We establish our results by identifying crypto peers through co-mentions in online news using novel natural language processing technologies. Keywords: Cryptocurrencies, peers, co-movement, competition, natural language pro- cessing. JEL codes: G12, G14, C82. ∗Schwenkler is at the Department of Finance, Santa Clara University Leavey School of Business. Zheng is at the Department of Finance, Boston University Questrom School of Business. Schwenkler is corresponding author. Email: [email protected], web: http://www.gustavo-schwenkler.com. yThis is a revision of a previous paper by the two authors called \Competition or Contagion: Evidence from Cryptocurrency Markets." We are grateful to Jawad Addoum (discussant), Daniele Bianchi (discussant), Will Cong, Tony Cookson, Sanjiv Das, Seoyoung Kim, Andreas Neuhierl, Farzad Saidi, and Antoinette Schoar, seminar participants at Boston University and the Society for Financial Econometrics, and the participants at the 2020 Finance in the Cloud III Virtual Conference, the 2020 MFA Annual Meeting, the 3rd UWA Blockchain, Cryptocurrency and FinTech Conference, and the 2020 INFORMS Annual Meeting for useful comments and suggestions.
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