数字通证市场操纵行为对通证价格影响研究

Exploring the Impact of manipulation on Digital Token Price

随着区块链技术的发展,越来越多的大机构开始了区块链和数字通证技术的研究,并且很多知名资产管理公司将数字通证纳入了投资范围。但是在缺少监管的情况下,价格操纵是数字通证经常被诟病的现象,也是影响市场效率和参与者积极性的一个很重要的因素。基于事件研究方法研究数字通证领域的拉升与抛售事件对数字通证价格的影响,发现只有几分钟持续时间的数字通证拉升与抛售行为对数字通证价格的负向影响会长达几个月。开发基于数字通证拉升与抛售行为的套利策略,具有风险低、回报高的特征。最后提出相关的监管建议。

With the development of blockchain technology,more and more large institutions have started to study blockchain and crypto token technology,and many well-known asset management companies have included digital communication into the scope of investment.But in the absence of regulation,price manipulation is a phenomenon that digital communication is often criticized for,and a very important factor that affects market efficiency and participant motivation.The influence of pump and dump events on the price of crypto token was studied by using the event study method.It was found that although the pump and dump behaviors of crypto token lasted only a few minutes,the negative effect on the price of crypto token was as long as several months.Based on the research,we successfully developed an arbitrage strategy based on the pump and dump behavior of digital communication,which has the characteristics of low risk and high return.Finally,based on the above research,relevant suggestions are provided to the regulatory authorities.