Herding behavior in the cryptocurrency market: the case of the Russia–Ukraine conflict

Hanh-Hong Le (), Binh Thanh Nguyen () and Nguyen Nhan Thien ()
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Hanh-Hong Le: RMIT University
Binh Thanh Nguyen: RMIT University
Nguyen Nhan Thien: RMIT University

Economia e Politica Industriale: Journal of Industrial and Business Economics, 2024, vol. 51, issue 1, No 4, 99-110

Abstract: Abstract This study investigates the herding behavior in the cryptocurrency market during the period of the Russia and Ukraine conflict using intraday cryptocurrency price data of the five largest cryptocurrencies in terms of market capitalization. The empirical results indicate an anti-herding behavior during the whole period of the conflict, especially after the conflict officially happens. The research contributes to the growing literature on herding behavior in the cryptocurrency market by using intraday data and examining the Russia–Ukraine conflict period.

Keywords: Herding; Cryptocurrency; Geopolitical conflict (search for similar items in EconPapers)
JEL-codes: G41 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s40812-023-00279-9

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