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Deprecated: Implicit conversion from float 209.6 to int loses precision in C:\Inetpub\vhosts\kidney.de\httpdocs\pget.php on line 534 Econ+Lett 2020 ; 194 (ä): 109377 Nephropedia Template TP
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Any port in a storm: Cryptocurrency safe-havens during the COVID-19 pandemic #MMPMID32834235
Corbet S; Hou Y(; Hu Y; Larkin C; Oxley L
Econ Lett 2020[Sep]; 194 (ä): 109377 PMID32834235show ga
Controlling for the polarity and subjectivity of social media data based on the development of the COVID-19 outbreak, we analyse the relationships between the largest cryptocurrencies and such time-varying realisation as to the scale of the economic shock centralised within the rapidly-escalating pandemic. We find evidence of significant growth in both returns and volumes traded, indicating that large cryptocurrencies acted as a store of value during this period of exceptional financial market stress. Further, cryptocurrency returns are found to be significantly influenced by negative sentiment relating to COVID-19. While not only providing diversification benefits for investors, results suggest that these digital assets acted as a safe-haven similar to that of precious metals during historiccrises.