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1 – 10 of 32Syed Ali Raza, Larisa Yarovaya, Khaled Guesmi and Nida Shah
This article aims to uncover the impact of Google Trends on cryptocurrency markets beyond Bitcoin during the time of increased attention to altcoins, especially during the…
Abstract
Purpose
This article aims to uncover the impact of Google Trends on cryptocurrency markets beyond Bitcoin during the time of increased attention to altcoins, especially during the COVID-19 pandemic.
Design/methodology/approach
This paper analyses the nexus among the Google Trends and six cryptocurrencies, namely Bitcoin, New Economy Movement (NEM), Dash, Ethereum, Ripple and Litecoin by utilizing the causality-in-quantiles technique on data comprised of the years January 2016–March 2021.
Findings
The findings show that Google Trends cause the Litecoin, Bitcoin, Ripple, Ethereum and NEM prices at majority of the quantiles except for Dash.
Originality/value
The findings will help investors to develop more in-depth understanding of impact of Google Trends on cryptocurrency prices and build successful trading strategies in a more matured digital assets ecosystem.
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Indranil Ghosh, Rabin K. Jana and Dinesh K. Sharma
Owing to highly volatile and chaotic external events, predicting future movements of cryptocurrencies is a challenging task. This paper advances a granular hybrid predictive…
Abstract
Purpose
Owing to highly volatile and chaotic external events, predicting future movements of cryptocurrencies is a challenging task. This paper advances a granular hybrid predictive modeling framework for predicting the future figures of Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Stellar (XLM) and Tether (USDT) during normal and pandemic regimes.
Design/methodology/approach
Initially, the major temporal characteristics of the price series are examined. In the second stage, ensemble empirical mode decomposition (EEMD) and maximal overlap discrete wavelet transformation (MODWT) are used to decompose the original time series into two distinct sets of granular subseries. In the third stage, long- and short-term memory network (LSTM) and extreme gradient boosting (XGB) are applied to the decomposed subseries to estimate the initial forecasts. Lastly, sequential quadratic programming (SQP) is used to fetch the forecast by combining the initial forecasts.
Findings
Rigorous performance assessment and the outcome of the Diebold-Mariano’s pairwise statistical test demonstrate the efficacy of the suggested predictive framework. The framework yields commendable predictive performance during the COVID-19 pandemic timeline explicitly as well. Future trends of BTC and ETH are found to be relatively easier to predict, while USDT is relatively difficult to predict.
Originality/value
The robustness of the proposed framework can be leveraged for practical trading and managing investment in crypto market. Empirical properties of the temporal dynamics of chosen cryptocurrencies provide deeper insights.
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Monika Chopra, Chhavi Mehta, Prerna Lal and Aman Srivastava
The purpose of this research is to primarily understand how crypto traders can use the Bitcoin as a hedge or safe haven asset to reduce their losses from crypto trading. The study…
Abstract
Purpose
The purpose of this research is to primarily understand how crypto traders can use the Bitcoin as a hedge or safe haven asset to reduce their losses from crypto trading. The study also aims to provide insights to crypto investors (portfolio managers) who wish to maintain a crypto portfolio for the medium term and can use the Bitcoin to minimize their losses. The findings of this research can also be used by policymakers and regulators for accommodating the Bitcoin as a medium of exchange, considering its safe haven nature.
Design/methodology/approach
This study applies the cross-quantilogram (CQ) approach introduced by Han et al. (2016) to examine the safe-haven property of the Bitcoin against the other selected crypto assets. This method is robust for estimating bivariate volatility spillover between two markets given unusual distributions and extreme observations. The CQ method is capable of calculating the magnitude of the shock from one market to another under different quantiles. Additionally, this method is suitable for fat-tailed distributions. Finally, the method allows anticipating long lags to evaluate the strength of the relationship between two variables in terms of durations and directions simultaneously.
Findings
The Bitcoin acts as a weak safe haven asset for a majority of new crypto assets for the entire study period. These results hold even during greed and fear sentiments in the crypto market. The Bitcoin has the ability to protect crypto assets from sharp downturns in the crypto market and hence gives crypto traders some respite when trading in a highly volatile asset class.
Originality/value
This study is the first attempt to show how the Bitcoin can act as a true matriarch/patriarch for crypto assets and protect them during market turmoil. This study presents a clear and concise representation of this relationship via heatmaps constructed from CQ analysis, depicting the quantile dependence association between the Bitcoin and other crypto assets. The uniqueness of this study also lies in the fact that it assesses the protective properties of the Bitcoin not only for the entire sample period but also specifically during periods of greed and fear in the crypto market.
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Without theoretically specifying the future of money as an equivalent commodity of other commodities, it is impossible to reveal the recent role of the emergence of…
Abstract
Without theoretically specifying the future of money as an equivalent commodity of other commodities, it is impossible to reveal the recent role of the emergence of cryptocurrencies, as a reflection of speculative competition increasingly sophisticated in its technological aspect and in response to the abusive use of the spurious competition of the big banks promoting the huge financial bubbles that have haunted the world economy, such as the one unleashed from Wall Street in 2008. The explosive growth of transactions in cryptocurrencies may mean, at some point, in the capitalist economic cycle, the possibility of a new financial bubble, as well as the emergence of new swindles to investors; but valid answers can also come from those actors who until now have had to endure the almost exclusive dominance of the international monetary system by the currency issued by the US government, the main exporter of inflation on a global scale.
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Sanshao Peng, Catherine Prentice, Syed Shams and Tapan Sarker
Given the cryptocurrency market boom in recent years, this study aims to identify the factors influencing cryptocurrency pricing and the major gaps for future research.
Abstract
Purpose
Given the cryptocurrency market boom in recent years, this study aims to identify the factors influencing cryptocurrency pricing and the major gaps for future research.
Design/methodology/approach
A systematic literature review was undertaken. Three databases, Scopus, Web of Science and EBSCOhost, were used for this review. The final analysis comprised 88 articles that met the eligibility criteria.
Findings
The influential factors were identified and categorized as supply and demand, technology, economics, market volatility, investors’ attributes and social media. This review provides a comprehensive and consolidated view of cryptocurrency pricing and maps the significant influential factors.
Originality/value
This paper is the first to systematically and comprehensively review the relevant literature on cryptocurrency to identify the factors of pricing fluctuation. This research contributes to cryptocurrency research as well as to consumer behaviors and marketing discipline in broad.
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Florin Aliu, Alban Asllani and Simona Hašková
Since 2008, bitcoin has continued to attract investors due to its growing capitalization and opportunity for speculation. The purpose of this paper is to analyze the impact of…
Abstract
Purpose
Since 2008, bitcoin has continued to attract investors due to its growing capitalization and opportunity for speculation. The purpose of this paper is to analyze the impact of bitcoin (BTC) on gold, the volatility index (VIX) and the dollar index (USDX).
Design/methodology/approach
The series used are weekly and cover the period from January 2016 to November 2022. To generate the results, the unrestricted vector autoregression (VAR), structural vector autoregression (SVAR) and wavelet coherence were performed.
Findings
The findings are mixed as not all tests show the exact effects of BTC in the three asset classes. However, common to all the tests is the significant influence that BTC maintains on gold and vice versa. The positive shock in BTC significantly increases the gold prices, confirmed in three different tests. The effects on the VIX and USDX are still being determined, where in some tests, it appears to be influential while in others not.
Originality/value
BTC’s diversification potential with equity stocks and USDX makes it a valuable security for portfolio managers. Furthermore, regulatory authorities should consider that BTC is not an isolated phenomenon and can significantly influence other asset classes such as gold.
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Parichat Sinlapates and Surachai Chancharat
This paper aims to investigate the effects of volatility transmission among Bitcoin and other leading cryptocurrencies, namely, Binance USD, BNB, Cardano, Dogecoin, Ethereum…
Abstract
Purpose
This paper aims to investigate the effects of volatility transmission among Bitcoin and other leading cryptocurrencies, namely, Binance USD, BNB, Cardano, Dogecoin, Ethereum, Polkadot, Polygon, Solana, Tether, USD Coin and XRP.
Design/methodology/approach
The multivariate BEKK-GARCH model is used with the daily data set from 1 January 2017 to 31 March 2023. The data set is analysed in its entirety and is also the COVID-19 epidemic period.
Findings
The study reveals that while the volatility of cryptocurrency prices is influenced by their own historical shocks and volatility, there is proof of the effects shock transmission among Bitcoin and other notable cryptocurrencies. Furthermore, the authors identify the spillover effects of volatility among all 11 pairs and provide evidence that conditional correlations with varying time constants are present, and predominantly positive for both the entire and COVID-19 outbreak periods.
Practical implications
The findings will be helpful to market experts who want to avoid losses in traditional assets. To develop the best risk management and hedging strategies, businesses might use the information to build asset portfolios or personalise payment methods. The use of such data by investors and portfolio managers could aid in the development of investment opportunities, risk insurance plans or hedging strategies for the management of financial portfolios.
Originality/value
To the best of the authors’ knowledge, the use of the BEKK-GARCH model for examining the effects of volatility spillover among Bitcoin and the other eleven top cryptocurrencies has not been previously documented.
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This study aims to examine the cryptocurrency adoption (CA) level among Indian retail investors who use cryptocurrency as an investment and mode of transaction.
Abstract
Purpose
This study aims to examine the cryptocurrency adoption (CA) level among Indian retail investors who use cryptocurrency as an investment and mode of transaction.
Design/methodology/approach
Through self-administered survey questionnaires, data is collected from 397 retail investors of Haryana (India). This study adopted a quantitative method using partial least squares structural equation modeling (PLS-SEM).
Findings
This paper offered a robust model with a high explanatory value for CA in which four of the five proposed factors of diffusion of innovation theory (trialability, compatibility, complexity and observability) and one of the two proposed factors of consumer behavioral theory (perceived value) significantly influences CA. More specifically, the absence of regulatory support is a barrier to the broad adoption of cryptocurrencies, as its regulations are necessary to mitigate or minimize uncertain outcomes.
Research limitations/implications
This research primarily focuses on CA in India. Thus, it can be extended to cover diverse other countries for more precise results.
Practical implications
The results provide insights to the government to design the policies, better regulate and make investment strategies that can ultimately enhance CA. In addition, the study’s results also inform financial educators, policymakers, employers and academicians about the significance of several variables affecting CA in India.
Social implications
From a social standpoint, this study is an advance that directs central banks and governments to develop, regulate and manage digital currencies and implement a digital currency ecosystem. Moreover, the results assist in understanding investors’ perceptions and decision-making perspectives toward cryptocurrencies through the country’s digitalization.
Originality/value
This paper fills the study gap to assist policymakers and cryptocurrency experts in broadening their knowledge base and recognizing prioritized intentions. Additionally, this study provides a theoretical model with the latent variable for a present and pertinent matter.
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Nguyen Hong Yen and Le Thanh Ha
This paper aims to study the interlinkages between cryptocurrency and the stock market by characterizing their connectedness and the effects of the COVID-19 crisis on their…
Abstract
Purpose
This paper aims to study the interlinkages between cryptocurrency and the stock market by characterizing their connectedness and the effects of the COVID-19 crisis on their relations.
Design/methodology/approach
The author employs a quantile vector autoregression (QVAR) to identify the connectedness of nine indicators from January 1, 2018, to December 31, 2021, in an effort to examine the relationships between cryptocurrency and stock markets.
Findings
The results demonstrate that the pandemic shocks appear to have influences on the system-wide dynamic connectedness. Dynamic net total directional connectedness implies that Bitcoin (BTC) is a net short-duration shock transmitter during the sample. BTC is a long-duration net receiver of shocks during the 2018–2020 period and turns into a long-duration net transmitter of shocks in late 2021. Ethereum is a net shock transmitter in both durations. Binance turns into a net short-duration shock transmitter during the COVID-19 outbreak before receiving net shocks in 2021. The stock market in different areas plays various roles in the short run and long run. During the COVID-19 pandemic shock, pairwise connectedness reveals that cryptocurrencies can explain the volatility of the stock markets with the most severe impact at the beginning of 2020.
Practical implications
Insightful knowledge about key antecedents of contagion among these markets also help policymakers design adequate policies to reduce these markets' vulnerabilities and minimize the spread of risk or uncertainty across these markets.
Originality/value
The author is the first to investigate the interlinkages between the cryptocurrency and the stock market and assess the influences of uncertain events like the COVID-19 health crisis on the dynamic interlinkages between these two markets.
研究目的
本學術論文擬透過找出加密貨幣與股票市場兩者相互關聯之特徵,來探討這個聯繫;文章亦擬探究2019冠狀病毒病全球大流行對這相互關聯的影響。
研究設計/方法/理念
作者以分量向量自我迴歸法、來找出2018年1月1日至2021年12月31日期間九個指標的關聯,藉此探討加密貨幣與股票市場之間的關係。
研究結果
研究結果顯示,全球大流行的驚愕,似對全系統動態關聯產生了影響。動態總淨值定向關聯暗示了就我們的樣本而言,比特幣是一個純短期衝擊發送器。比特幣在2018年至 2020年期間是一個衝擊的長期純接收器,並進而於2021年年底成為一個衝擊的長期純發送器。以太坊則為短期以及長期之純衝擊發送器。幣安在2019冠狀病毒病爆發期間,在2021年接收純衝擊前、成為一個純短期衝擊發送器。位於不同地區的股票市場,無論在短期抑或長期而言均扮演各種不同的角色。在2019冠狀病毒病全球大流行的驚愕期間,成對的關聯顯示了加密貨幣可以以2020年年初最嚴重的影響去解釋和說明股票市場的波動。
實務方面的啟示
研究結果使我們能深入認識有關的市場之間不同情緒和看法的蔓延所帶來的影響的主要先例,這些知識、亦能幫助決策者制定適當的政策,以減少有關的市場的弱點,並把這些市場間的風險和不確定性的散播減到最低。
研究的原創性/價值
作者是首位研究加密貨幣與股票市場之間的相互關聯的學者,亦是首位學者、去評估像2019冠狀病毒病健康危機的不確定事件,會如何影響有關的兩個市場之間的動態相互關聯。
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John Aliu, Ayodeji Emmanuel Oke, Isaac I. Akinwumi, Rislan Abdulazeez Kanya and Lydia Uyi Ehiosun
This study aimed to investigate and analyze the level of awareness and adoption of distributed ledger technologies (DLTs) within the Nigerian construction industry. The focus was…
Abstract
Purpose
This study aimed to investigate and analyze the level of awareness and adoption of distributed ledger technologies (DLTs) within the Nigerian construction industry. The focus was on addressing the current state of DLT utilization, identifying challenges and opportunities and proposing strategies to enhance the integration of DLTs into the construction processes and practices of Nigerian professionals and organizations.
Design/methodology/approach
The research was underpinned by a robust theoretical and conceptual framework, drawing from established theories of technology adoption. A comprehensive literature review guided the identification of various DLT types. This informed the development of a well-structured questionnaire, which was then distributed to Nigerian construction professionals. The collected data underwent analysis using percentages, frequencies, mean scores, the Kruskal–Wallis H-test and the Shapiro–Wilk test.
Findings
A significant finding of this study reveals a generally low awareness and implementation of DLT among construction professionals in Nigeria. These findings emphasize the urgent need for comprehensive strategies to bridge the gap between awareness and adoption of DLT within the Nigerian construction industry.
Practical implications
Industry associations, regulatory bodies and educational institutions can collaborate to develop specialized programs aimed at familiarizing professionals with the benefits and applications of DLTs. Additionally, technology providers and policymakers can leverage these findings to design user-friendly interfaces and guidelines for seamless DLT integration into construction processes.
Originality/value
This study contributes to the existing body of knowledge by providing a comprehensive assessment of the awareness and adoption of DLTs specifically within the Nigerian construction industry. While the global recognition of DLT’s potential in construction is acknowledged, this research delves into a regional context, shedding light on the specific opportunities within Nigeria. Furthermore, the study’s identification of a gap between awareness and implementation highlights a critical area for future exploration and development in the field of construction technology adoption.
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