Abstract
Cryptocurrencies are recent, yet they attract great interest and investments. The current level of market efficiency of these assets, nevertheless, is a subject that must be studied. If the asset is dependent on technology, critical failures of the technical structure must lead to negative returns. In such case, bad news about technology -- the so called Fear, Uncertainty and Doubt (FUD) periods -- are believed to play an important role in price fluctuations. In this paper, we argue FUDs indeed represent an important source of market uncertainty and affect negatively cryptocurrencies prices. Five negative technological reviews of alternative cryptocurrencies are the object of event studies. These cases reveal alternative cryptocurrencies possibly have semi-strong of Market Efficiency as prices quickly adjust to new public analyses of technology.
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