TechFlow news, on August 11, researchers from Uniswap Labs, Copenhagen Business School, and Circle released a paper titled "Study on Cryptocurrency Price Drivers."
The study uses a structural vector autoregressive model to analyze factors influencing cryptocurrency returns, finding that crypto asset prices are primarily affected by conventional risk and monetary policy. Particularly during the 2022 market downturn, tightening monetary policy was the dominant factor. Since 2023, however, compression of the crypto risk premium has become the main driver of cryptocurrency returns, independent of active stock market conditions.
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