  The initial purpose of the study is to search whether the market exhibits
herd behaviour or not by examining the crypto-asset market in the context of
behavioural finance. And the second purpose of the study is to measure whether
the financial information stimulates the herd behaviour or not. Within this
frame, the announcements of the Federal Open Market Committee (FOMC), Governing
Council of European Central Bank (ECB) and Policy Board of Bank of Japan (BOJ)
for interest change, and S&P 500, Nikkei 225, FTSE 100 and GOLD SPOT indices
data were used. In the study, the analyses were made over 100 cryptocurrencies
with the highest trading volume by the use of the 2014:5 - 2019:12 period. For
the analysis, the Markov Switching approach, as well as loads of empiric models
developed by Chang et al. (2000), were used. According to the results obtained,
the presence of herd behaviour in the crypto-asset market was determined in the
relevant period. But it was found that interest rate announcements and stock
exchange performances had no effect on herd behaviour.

General Economics;Economics