The relationship between cryptocurrencies and COVID-19 pandemic
Ender Demir (),
Mehmet Bilgin (),
Gokhan Karabulut () and
Asli Cansin Doker ()
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Gokhan Karabulut: Istanbul University
Eurasian Economic Review, 2020, vol. 10, issue 3, No 1, 349-360
Abstract We examine the relationship between cryptocurrencies (namely Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP)) and COVID-19 cases/deaths. This will help explore whether cryptocurrencies can serve as a hedge against COVID-19. The wavelet coherence analysis indicates that there is initially a negative relationship between Bitcoin and the number of reported cases and deaths; however, the relationship becomes positive during the later period. The findings for Ethereum and Ripple are also similar but with weaker interactions. This supports the hedging role of cryptocurrencies against the uncertainty raised by COVID-19.
Keywords: Bitcoin; Ethereum; Ripple; Wavelet coherence; COVID-19 (search for similar items in EconPapers)
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