COVID-19 pandemic improves market signals of cryptocurrencies–evidence from Bitcoin, Bitcoin Cash, Ethereum, and Litecoin

Samuel Asumadu Sarkodie, Maruf Yakubu Ahmed and Phebe Asantewaa Owusu

Finance Research Letters, 2022, vol. 44, issue C

Abstract: The COVID-19 global pandemic has disrupted business-as-usual, hence, affecting sustained economic development across countries. However, it appears economic uncertainty following COVID-19 containment measures favor market signals of cryptocurrencies. Here, this study empirically and structurally investigates the implication of COVID-19 health outcomes on market prices of Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Evidence from the novel Romano-Wolf multiple hypotheses reveal COVID-19 shocks spur Litecoin by 3.20-3.84%, Bitcoin by 2.71-3.27%, Ethereum by 1.43-1.75%, and Bitcoin Cash by 1.34-1.62%.

Keywords: Bitcoin; Bitcoin Cash; Ethereum; Litecoin; Cryptocurrency; COVID-19 Pandemic; Romano-Wolf multiple hypotheses; Economic uncertainty; Market signals; Commodity market (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (21)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:44:y:2022:i:c:s1544612321001306

DOI: 10.1016/j.frl.2021.102049

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