The Impact of Covid-19 on the Cryptocurrency Market and the Return of Ethereum

Hao Wen, Xinpeng Cheng, Zhengjun Lu, Ruiyao Zhao

2022

Abstract

In this work, we carry out an investigation into the relationship of the cryptocurrency- Ethereum and the event of COVID-19. We examine the impact of COVID-19 on the cryptocurrency stock market using a 2-sample T-test. Moreover, we conducted an event study to analyze how COVID-19 has affected the individual stockEthereum. The results from the T-test indicate that COVID has not affected the overall cryptocurrency stock market. However, the results from the event study demonstrate that the return of Ethereum has been affected. The significance of this research is to inspect whether cryptocurrency is favored by the public and economy during the pandemic as a form of currency instead of traditional money.

Paper Citation

in Harvard Style

Wen H., Cheng X., Lu Z. and Zhao R. (2022). The Impact of Covid-19 on the Cryptocurrency Market and the Return of Ethereum. In Proceedings of the International Conference on Big Data Economy and Digital Management - Volume 1: BDEDM, ISBN 978-989-758-593-7, pages 840-848. DOI: 10.5220/0011350800003440

in Bibtex Style

@conference{bdedm22,
author={Hao Wen and Xinpeng Cheng and Zhengjun Lu and Ruiyao Zhao},
title={The Impact of Covid-19 on the Cryptocurrency Market and the Return of Ethereum},
booktitle={Proceedings of the International Conference on Big Data Economy and Digital Management - Volume 1: BDEDM,},
year={2022},
pages={840-848},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0011350800003440},
isbn={978-989-758-593-7},
}

in EndNote Style

TY - CONF

JO - Proceedings of the International Conference on Big Data Economy and Digital Management - Volume 1: BDEDM,
TI - The Impact of Covid-19 on the Cryptocurrency Market and the Return of Ethereum
SN - 978-989-758-593-7
AU - Wen H.
AU - Cheng X.
AU - Lu Z.
AU - Zhao R.
PY - 2022
SP - 840
EP - 848
DO - 10.5220/0011350800003440