This paper examines the relationship between news coverage and Bitcoin returns. Previous studies have provided evidence to suggest that macroeconomic news affects stock returns, commodities and interest rates. We extend the approach developed by Birz and Lott [2011] to examine the hypothesis...

We examine the existence and dates of pricing bubbles in Bitcoin and Ethereum, two popular cryptocurrencies using the Phillips et al. (2011) methodology. In contrast to previous papers, we examine the fundamental drivers of the price. Having derived ratios that are economically and...

Rapidly growing numbers of empirical papers assessing the financial effects of COVID-19 pandemic triggered an urgent need for a study summarising the existing knowledge of contagion phenomenon. This paper provides a review of conceptual approaches to studying financial contagion at four levels...

The growth of cryptocurrency mining in China, still heavily reliant on coal as a fuel for electricity generation, raises natural questions on the inter-relatedness of coal and crypto prices and volatilities. We investigate this, and the safety and thus supply stability of domestic Chinese coal...

The hedging and safe haven properties of Bitcoin for the US dollar are investigated across a variety of investment horizons. Our findings reveal that (i) Bitcoin acts as a weak hedge for all currency pairs examined, with some evidence of negative average dependency for Euro, Swiss Franc and...

This letter revisits the time-series relation between cryptocurrency prices and forward inflation expectations. Using wavelet time-scale techniques, a positive link between cryptocurrencies and forward inflation rates is identified, focused on a brief period surrounding the onset of the COVID-19...

In this paper, we analyse the herding behaviour of two types of cryptocurrencies, referred to as "black/dirty" and "green/clean" based on their energy usage levels. Empirical results reveal that herding generally exists only in the dirty crypto markets, and is more significant in down markets....

Is clean energy a safe haven for cryptocurrencies, or vice versa? In this paper, we investigate the hedge and safe haven property of a wide range of clean energy indices against two distinct types of cryptocurrencies based on their energy consumption levels, termed black or ’dirty’ and green...

During 2017, a few fortunate investors have made a lot of money very quickly on their investment in crypto-currencies, an asset class that did not exist just eight short years ago. But as with other rapidly evolving assets, that often seem too good to be true, the potential soaring profits of...

The efficiency of financial markets, but also their potential to produce bubbles are central topics in academic and professional debates. Yet, little is known about the contribution of financial professionals to price efficiency. We run 116 experimental markets with 412 professionals and 502...