COVID-19 pandemic improves market signals of cryptocurrencies–evidence from Bitcoin, Bitcoin Cash, Ethereum, and Litecoin

Sarkodie, Samuel Asumadu; Ahmed, Maruf Yakubu; Owusu, Phebe Asantewaa

doi:10.1016/j.frl.2021.102049

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COVID-19 pandemic improves market signals of cryptocurrencies–evidence from Bitcoin, Bitcoin Cash, Ethereum, and Litecoin

Author(s): Samuel Asumadu Sarkodie , Maruf Yakubu Ahmed , Phebe Asantewaa Owusu

Publication date Created: April 2021

Publication date (Print): April 2021

Journal: Finance Research Letters

Publisher: Elsevier BV

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Abstract

<p class="first" id="d16327613e124">The COVID-19 global pandemic has disrupted business-as-usual, hence, affecting sustained economic development across countries. However, it appears economic uncertainty following COVID-19 containment measures favor market signals of cryptocurrencies. Here, this study empirically and structurally investigates the implication of COVID-19 health outcomes on market prices of Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Evidence from the novel Romano-Wolf multiple hypotheses reveal COVID-19 shocks spur Litecoin by 3.20-3.84%, Bitcoin by 2.71-3.27%, Ethereum by 1.43-1.75%, and Bitcoin Cash by 1.34-1.62%. </p>