Herding on Fundamental/Nonfundamental Information During the COVID-19 Outbreak and Cyber-Attacks: Evidence From the Cryptocurrency Market

Imran Yousaf, Shoaib Ali, Elie Bouri () and Anupam Dutta

SAGE Open, 2021, vol. 11, issue 3, 21582440211029911

Abstract: We provide an empirical analysis of herding behavior in cryptocurrency markets during COVID-19 and periods of cyber-attacks, differentiating between fundamental and nonfundamental herding. The results show that herding behavior is driven by fundamental information during the full sample period and the cyber-attack days. However, herding is not prevalent during the COVID-19 outbreak, either when reacting to fundamental or nonfundamental information. This finding suggests heterogeneity in the behaviors of participants in the cryptocurrency markets during the COVID-19 period.

Keywords: cryptocurrency markets; herding behavior; COVID-19 outbreak; cyber-attacks; fundamental/nonfundamental information (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:sagope:v:11:y:2021:i:3:p:21582440211029911

DOI: 10.1177/21582440211029911

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