Analysis of the performance of Islamic gold-backed cryptocurrencies during the bear market of 2020

Shaista Wasiuzzaman, Ayu Nadhirah Muhd Azwan and Aina Nazurah Hj Nordin

Emerging Markets Review, 2023, vol. 54, issue C

Abstract: This study examines the performance of Islamic gold-backed cryptocurrencies during the bear market of 2020. Price data is collected for three Islamic gold-backed cryptocurrencies, OneGram, HelloGold and X8X, as well as the conventional gold-backed cryptocurrency, PaxGold, and the conventional fiat-backed cryptocurrency, Bitcoin, from December 2019 to November 2020. Analysis via ARMA-EGARCH models show that returns on all cryptocurrencies are lower during the bear market but the decrease is only significant for the Islamic gold-backed cryptocurrencies. Volatility is found to be higher for all five cryptocurrencies but the effect of the bear market on the volatility is only significant for the conventional cryptocurrencies.

Keywords: Cryptocurrencies; Islamic gold-backed cryptocurrency; Bear market of 2020; Performance; Volatility (search for similar items in EconPapers)
JEL-codes: G01 G17 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ememar:v:54:y:2023:i:c:s1566014122000371

DOI: 10.1016/j.ememar.2022.100920

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