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Pandemic Versus Financial Shocks: Comparison of Two Episodes on the Bitcoin Market

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F62156489%3A43110%2F21%3A43922234" target="_blank" >RIV/62156489:43110/21:43922234 - isvavai.cz</a>

  • Result on the web

    <a href="https://doi.org/10.3790/aeq.67.2.113" target="_blank" >https://doi.org/10.3790/aeq.67.2.113</a>

  • DOI - Digital Object Identifier

    <a href="http://dx.doi.org/10.3790/aeq.67.2.113" target="_blank" >10.3790/aeq.67.2.113</a>

Alternative languages

  • Result language

    angličtina

  • Original language name

    Pandemic Versus Financial Shocks: Comparison of Two Episodes on the Bitcoin Market

  • Original language description

    With its rising popularity, the Bitcoin has also become increasingly independent from global financial markets. Recently, it has joined the class of alternative assets. We use the newly developed wavelet methodology to analyze daily data to compare the COVID-19 pandemic at the beginning of 2020 with the bear market episode at the end of 2018. In both cases, attention signals and a general panic are the main drivers of the Bitcoin fluctuations. We show that the Bitcoin&apos;s dynamic is more complex than the dynamics of standard financial assets. The Bitcoin is, on the one hand, subject to pandemic shocks but also represents an important source of attention signals. On the other hand, because the Bitcoin additionally reacts on an emotional basis, it might react faster than other assets and thus creates a market signal itself. Moreover, we identify short cycles (of several days), which may possibly be related to demand factors, while long cycles (of several weeks) seem to mirror supply factors and might be related to Bitcoin mining in China. Finally, the analysis underlines the importance of continuous financial education and communication by the supervisory authorities about new, alternative financial assets.

  • Czech name

  • Czech description

Classification

  • Type

    J<sub>SC</sub> - Article in a specialist periodical, which is included in the SCOPUS database

  • CEP classification

  • OECD FORD branch

    50206 - Finance

Result continuities

  • Project

  • Continuities

    I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Others

  • Publication year

    2021

  • Confidentiality

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Data specific for result type

  • Name of the periodical

    Applied Economics Quarterly

  • ISSN

    1611-6607

  • e-ISSN

    1865-5122

  • Volume of the periodical

    67

  • Issue of the periodical within the volume

    2

  • Country of publishing house

    DE - GERMANY

  • Number of pages

    29

  • Pages from-to

    113-141

  • UT code for WoS article

  • EID of the result in the Scopus database

    2-s2.0-85132358002