文档介绍：比特币市场风险研究
比特币市场风险研究
摘要
世人对于比特币的认识,多仅限于其飞速上涨的价格,即便如此, 一些人已经迫不及待地投身比特币市场,希望能从中分得一杯羹。但这些人未必真正了解比特币,其疯狂价格的背后,暗藏诸多风险。几次突如其来的价格暴跌让投资者损失惨重,交易环境的不规范又不时削弱着投资者的信心。
本文旨在系统地揭示比特币市场中存在的风险。先阐明比特币相关原理及其产生的背景;再描述交易的现状;然后,从价格风险入手, 分析比特币价格的波动性、产生原因、影响因素以及风险价值(Ⅵ畎); 进而引出与价格风险相关的其他风险,并对它们进行系统分析;最后, 对市场各参与方提出应对风险的方法与建议。
研究发现,价格风险是比特币市场中最主要的风险。比特币价格波动具有集聚性且非对称,但持续时间较短;虽然价格风险较大,但高风险能带来高收益。比特币库存的增多与美元的升值会缩小其价格的波动,而市场消息的出现和黄金价格的上涨则会扩大波动。此外, 政策风险、更替风险、流动性风险、安全风险、信用风险和道德风险也是投资者面对的主要风险。这些风险相互影响,彼此传导,形成了比特币市场的风险体系。
监管者、交易平台、投资者三方应该共同应对风险。通过完善监
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万方数据
浙江工业大学硕士学位论文比特币市场风险研究
管制度、提高服务和管理水平、建立预警机制等措施,营造安全、健康、可持续的比特币投资环境。
关键词:比特币,市场风险,价格波动,发展对策
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万方数据
浙江工业大学硕士学位论文—— 些竺重皇望璺堕
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A RESEARCH ON RISKS OF THE BITCOIN MARKET
ABSTRACT
Due to the soaring price,Bitcoin is known to the world·Some investors are
it.
going to invest they seldom understand Bitcoin,neither the risks of investing
when pnce of B1tc01n
In past years,the previous investors have suffered heavy losses
dropped ,the investment environment IS not standaurdlzed·
This article aims to reveal the risks of Bitcoin ,explain the
relevant principles and background of ,describe the status of market· the volatility of price,the causes and VaR,then analyze other relevant risks in ,raise some ways to deal with various risks of Bitcoin
for every participants.
We find that price risk is the most important risk ofBitcoin volatility
but
of price has clustering and asymmetric,but short price risk 1S huge
or
can bnnghigh volatility of price reduces when US dollar appreciates
也e stock of Bitcoin increases,expands when market news appear or the pnce of gold
addition,policy risk liquidity risk,security risk,credit risk and moral
otne r.
risk are main risks that investors risks interact,conduction each
That is a risk system ofBitcoin market.
to deal with Re