Crypto Havens During War Times? Evidence from the Russian Invasion of Ukraine
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F24%3A00135078" target="_blank" >RIV/00216224:14560/24:00135078 - isvavai.cz</a>
Result on the web
<a href="https://www.sciencedirect.com/science/article/pii/S1062940824000172?dgcid=author" target="_blank" >https://www.sciencedirect.com/science/article/pii/S1062940824000172?dgcid=author</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1016/j.najef.2024.102093" target="_blank" >10.1016/j.najef.2024.102093</a>
Alternative languages
Result language
angličtina
Original language name
Crypto Havens During War Times? Evidence from the Russian Invasion of Ukraine
Original language description
The Russian invasion of Ukraine on 24th February 2022 resulted in a steep increase in a geopolitical risk index and, with imposed economic and political sanctions, caused both commodity and financial markets turmoil. In this paper, we investigate whether Bitcoin and Ether (traditional cryptocurrencies), Tether (fiat-backed stablecoin), and Solana (utility token) can be considered safe havens against each other, gold, stock and commodity indices, and foreign exchange currencies during wartime and focus on the effect of military and nuclear events. We employ cross-quantilogram methodology with moving 200 hours windows and use high-frequency hourly spot prices data between 2nd January 2022 and 17th July 2022. We determine that crypto assets primarily show weak safe-haven properties for the commodity market and strong safe-haven properties for foreign exchange currencies. Tether and Solana exhibit safe-haven properties for gold. While Tether is a weak safe haven for the stock market, other crypto assets cannot be effectively used by investors to diversify their stock portfolios during times of war.
Czech name
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Czech description
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Classification
Type
J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database
CEP classification
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OECD FORD branch
50206 - Finance
Result continuities
Project
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Continuities
S - Specificky vyzkum na vysokych skolach
Others
Publication year
2024
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
The North American Journal of Economics and Finance
ISSN
1062-9408
e-ISSN
1879-0860
Volume of the periodical
71
Issue of the periodical within the volume
March
Country of publishing house
US - UNITED STATES
Number of pages
16
Pages from-to
1-16
UT code for WoS article
001176810100001
EID of the result in the Scopus database
2-s2.0-85183903888