Any port in a storm: Cryptocurrency safe-havens during the COVID-19 pandemic.
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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.
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| Reference Key |
corbet2020anyeconomics
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| Authors | Corbet, Shaen;Hou, Yang Greg;Hu, Yang;Larkin, Charles;Oxley, Les; |
| Journal | economics letters |
| Year | 2020 |
| DOI |
10.1016/j.econlet.2020.109377
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