数字加密货币
波动性(金融)
货币经济学
股票市场
市场流动性
经济
大流行
业务
金融经济学
背景(考古学)
2019年冠状病毒病(COVID-19)
医学
古生物学
计算机安全
疾病
计算机科学
传染病(医学专业)
生物
病理
作者
Pengcheng Zhang,Kui Xu,Jiayin Qi
标识
DOI:10.1016/j.eap.2023.08.015
摘要
This paper aims to examine the impact of regulatory policies on cryptocurrency market volatility in the context of the COVID-19 pandemic. We find that price volatility, liquidity volatility, and return volatility in the cryptocurrency market increased significantly following regulatory announcements by Chinese policymakers targeting the cryptocurrency industry, and this effect was more pronounced during the COVID-19 pandemic. It indicates that investors are paying a great deal of attention to such events. Yet further findings suggest that as the risk of pandemic transmission increases and stock market returns decline, investor response to regulation decreases. Our findings also suggest that while regulation typically brings market volatility in cryptocurrencies, the release of regulatory policies can instead be beneficial to the stability of the cryptocurrency market when investors are in an highly greedy mood.
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