Theoretical and Applied Economics
No. 2 / 2023 (635), Summer
An enquiry into extreme price movements of the cryptocurrencies in the backdrop of COVID-19
Institute of Management Technology, Hyderabad, India
Balaga Mohana RAO
Indian Institute of Technology, Dharward, India
Anoop S KUMAR
Gulati Institute of Finance and Taxation, Thiruvananthapuram, India
Abstract. Our paper investigates the explosive nature of cryptocurrency prices in the backdrop of the COVID-19 pandemic. In this paper, we use the daily prices of six major cryptocurrencies, namely Bitcoin (BTC), Dash (DASH), Ethereum (ETH), Litecoin (LTC), Nem (NEM), and Ripple (XRP), ranging from 07.08.2015 to 16.12.2020. We employ univariate and panel GSADF recursive unit root tests for analytical purposes. Our results identify multiple periods of explosive price movements in the individual cryptocurrencies during the COVID-19 pandemic. Further, we find synchronised explosive behaviour in the prices of cryptocurrencies during the pandemic period. Our results indicate the possibility of herding in the cryptocurrency market.
Contents
The future of money and the money supply
Implications of migration policies on reducing income inequalities and poverty in Europe
The green and digital transition through innovation, SME competitiveness, and economic resilience: Evidence from the European Union economies
An analysis regarding the transition from quantitative easing to quantitative tightening in the Euro Area
Modern leadership in business organisations during economic disruption
Does the effectiveness of money supply and foreign direct investment determine the industrial growth performance in India?
The effect of poverty and income inequality on CO2 emission based on Environmental Kuznets Curve analysis: Empirical evidence from selected developing countries
Can renewable energy sources pump the economy
Evolution of growth theory: from Harrod to Romer
Role of information systems for management in multispeciality hospitals to improve performance: A conceptual framework
Measuring stock market uncertainty
Frequency domain causality analysis of financial development and economic growth in Côte d’Ivoire
Theoretical framework to introduce rainfall index-based futures contracts in India
Quest of dynamic linkages between monetary factors and food inflation in India
Does foreign direct investment contribute to reducing unemployment in Algeria?
An enquiry into extreme price movements of the cryptocurrencies in the backdrop of COVID-19
Effect of inflation on the growth and development of the Pakistan economy: An empirical analysis