We analyze the prospect of cryptocurrency regulation affects cryptocurrency prices, volatility and trading using the Google Trend technique to construct the Crypto Regulation Sentiment Index (CRSX) reflecting investors’ attitude towards Crypto regulation. Our analysis encompasses over 75% of the crypto market's daily activity. We find CRSX has no statistically significant long-term impact on cryptocurrency prices, consistent with investors having overly positive attitudes towards crypto assets, making crypto a “Wall Street Darling”. Nonetheless, CRSX has a large impact on cryptocurrency price volatility and trading volume. The effects of CSRX on crypto markets largely depends on the coin's key blockchain characteristics.

我们使用谷歌趋势技术分析加密货币监管前景对加密货币价格、波动性和交易的影响，构建反映投资者对加密货币监管态度的加密货币监管情绪指数（CRSX）。我们的分析涵盖了超过 75% 的加密货币市场日常活动。我们发现 CRSX 对加密货币价格没有统计上显着的长期影响，这与投资者对加密资产过于积极的态度一致，使加密成为“华尔街宠儿”。尽管如此，CRSX 对加密货币价格波动和交易量有很大影响。CSRX 对加密市场的影响在很大程度上取决于代币的关键区块链特征。