Initial coin offerings and the cryptocurrency hype - the moderating role of exogenous and endogenous signals

Abstract Initial coin offerings (ICOs) have recently emerged as a new financing instrument for entrepreneurial ventures, spurring economic and academic interest. Nevertheless, the impact of exogenous endogenous signals on performance ICOs well effects cryptocurrency hype subsequent downfall Bitcoin between 2016 2019 remain underexplored. We applied ordinary least squares (OLS) regressions based dataset containing 1597 that covers almost 2.5 years. The results show significant effect funds raised in ICOs. also find price heavily drives However, this is moderated, high-quality are not pegged to these developments. Revealing interplay hypes ICO’s asset class should broaden discussion emerging digital phenomenon.