# kaal:claim:4033886-006

**Claim.** Digital asset exchanges have no closing prices, so digital asset managers cannot rely on the closing price convention that underpins traditional valuation practice.

**Type.** failure  **Support.** asserted

**Holds when.**

- digital asset exchanges

**Source quote.**

> Because digital asset exchanges do not have closing prices, digital asset managers cannot simply use the closing price for given asset.

**From.** Wulf A. Kaal, Samuel Evans, Hayley Howe, *Digital Asset Valuation* (2022), I. Introduction, page 5

**Cite as.** Wulf A. Kaal, Samuel Evans, Hayley Howe, Digital Asset Valuation (2022). SSRN: https://ssrn.com/abstract=4033886

**Verify.** sha256 of source PDF `52ba05b1292b1be4bfaf1ee5cf56b14fea9c196d870603e794d7ee316df129bd` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20et%20al.%20-%202022%20-%20Digital%20Asset%20Valuation.pdf

**Failure mode.** no closing price  (family: valuation-and-pricing-failure)

**Topics.** economics, defi

**Keywords.** closing-price, crypto-exchanges, valuation-inputs, digital-assets

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.