Abstract
Compared with stock market, cryptocurrency market is more susceptible to investor sentiment at the lack of substantial asset support. This study develops a proxy to measure the investor sentiment of cryptocurrency market by using textual analytics on millions of posts in Chain Node, which is the most active online community for Chinese cryptocurrency investors. We investigate the correlation between the sentiment and the market return from Jan. 2018 to Aug. 2020. The study argues that the proposed proxy could well reflect the investor sentiment of the cryptocurrency.
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