Vidal-Tomás David
Department of Economics, Universitat Jaume I, Campus del Riu Sec, 12071 - Castellón, Spain.
Financ Res Lett. 2021 Nov;43:101981. doi: 10.1016/j.frl.2021.101981. Epub 2021 Feb 17.
In this letter, we identify the transitions of the cryptocurrency market during the pandemic by means of a network analysis. This method allows us to observe that COVID-19 significantly affected cryptocurrencies during a short period of financial panic, from 12 March 2020 to 1 April 2020, giving rise to a remarkable increase of market synchronisation. However, since April 2020, the cryptocurrency market progressively recovered its initial state, since the strong synchronisation, observed as a consequence of COVID-19, continuously disappeared. Therefore, our analysis highlights different market phases, which can be related to some of the phenomena reported in the existing literature.
在这封信中,我们通过网络分析确定了疫情期间加密货币市场的转变。这种方法使我们能够观察到,在2020年3月12日至2020年4月1日的短期金融恐慌期间,新冠疫情对加密货币产生了重大影响,导致市场同步性显著提高。然而,自2020年4月以来,加密货币市场逐渐恢复到初始状态,因为由新冠疫情导致的强烈同步性持续消失。因此,我们的分析突出了不同的市场阶段,这些阶段可能与现有文献中报道的一些现象有关。