Any port in a storm: Cryptocurrency safe-havens during the COVID-19 pandemic.

Clicks: 331
ID: 171572
2020
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Abstract
Controlling for the polarity and subjectivity of social media data based on the development of the COVID-19 outbreak, we analyse the relationships between the largest cryptocurrencies and such time-varying realisation as to the scale of the economic shock centralised within the rapidly-escalating pandemic. We find evidence of significant growth in both returns and volumes traded, indicating that large cryptocurrencies acted as a store of value during this period of exceptional financial market stress. Further, cryptocurrency returns are found to be significantly influenced by negative sentiment relating to COVID-19. While not only providing diversification benefits for investors, results suggest that these digital assets acted as a safe-haven similar to that of precious metals during historiccrises.
Reference Key
corbet2020anyeconomics Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Corbet, Shaen;Hou, Yang Greg;Hu, Yang;Larkin, Charles;Oxley, Les;
Journal economics letters
Year 2020
DOI
10.1016/j.econlet.2020.109377
URL
Keywords
financial crisis cryptocurrency sentiment pandemic covid-19 safe-haven

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