We investigate the pricing efficiency of numerous popular cryptocurrencies using a wide range of non-economic events that include calendar anomalies, natural condition-based anomalies, holidays when US exchanges are closed and secular and ethnic holidays when exchanges are open - all documented in the finance literature regarding equities. We document the existence of very few similar effects in the examined cryptocurrencies. Generally, anomalies found in Bitcoin do not hold for other cryptocurrencies and vice versa. The within-the-month effect is the only effect common to all cryptocurrencies. Our results have implications for efficient asset pricing and diversification benefits for these currencies.

我们使用广泛的非经济事件来调查众多流行加密货币的定价效率，这些事件包括日历异常、基于自然条件的异常、美国交易所关闭时的假期以及交易所开放时的世俗和种族假期 - 所有这些都记录在财务中有关股票的文献。我们记录了在所检查的加密货币中几乎没有类似的影响。通常，在比特币中发现的异常现象不适用于其他加密货币，反之亦然。月内效应是所有加密货币唯一共有的效应。我们的结果对这些货币的有效资产定价和多元化收益具有影响。