Minutolo Marcel C, Kristjanpoller Werner, Dheeriya Prakash
Robert Morris University, 6001 University Blvd, Moon Township, PA 15108 USA.
Departamento de Industrias, Universidad Técnica Federico Santa María, Av. España 1680, Valparaíso, Chile.
Financ Innov. 2022;8(1):49. doi: 10.1186/s40854-022-00354-5. Epub 2022 May 16.
The importance of cryptocurrency to the global economy is increasing steadily, which is evidenced by a total market capitalization of over $2.18T as of December 17, 2021, according to coinmarketcap.com (Coin, 2021). Cryptocurrencies are too confusing for laymen and require more investigation. In this study, we analyze the impact that the effective reproductive rate, an epidemiological indicator of the spread of COVID-19, has on both the price and trading volume of eight of the largest digital currencies-Bitcoin, Ethereum, Tether, Ripple, Litecoin, Bitcoin Cash, Cardano, and Binance. We hypothesize that as the rate of spread decreases, the trading price of the digital currency increases. Using Generalized Autoregressive Conditional Heteroskedasticity models, we find that the impact of the spread of COVID-19 on the price and trading volume of cryptocurrencies varies by currency and region. These findings offer novel insight into the cryptocurrency market and the impact that the viral spread of COVID-19 has on the value of the major cryptocurrencies.
加密货币对全球经济的重要性正在稳步上升，coinmarketcap.com（Coin，2021）的数据显示，截至2021年12月17日，其总市值超过2.18万亿美元。加密货币对外行来说过于复杂，需要更多研究。在本研究中，我们分析了新冠疫情传播的流行病学指标——有效繁殖率对八种最大数字货币（比特币、以太坊、泰达币、瑞波币、莱特币、比特币现金、卡尔达诺和币安币）的价格和交易量的影响。我们假设随着传播率下降，数字货币的交易价格会上涨。使用广义自回归条件异方差模型，我们发现新冠疫情传播对加密货币价格和交易量的影响因货币和地区而异。这些发现为加密货币市场以及新冠病毒传播对主要加密货币价值的影响提供了新的见解。
