期刊
EMERGING MARKETS FINANCE AND TRADE
卷 56, 期 10, 页码 2298-2309出版社
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/1540496X.2020.1787150
关键词
Coronavirus; Google search volume; fear sentiment; Bitcoin price dynamics
资金
- Applied Economics Department of Nanjing Audit University of the Priority Academic Program Development of Jiangsu Higher Education Institutions (Office of Jiangsu Provincial People's Government) [[2018] 87]
This paper studies the impact of fear sentiment caused by the coronavirus pandemic on Bitcoin price dynamics. We construct a new proxy for coronavirus fear sentiment using hourly Google search queries on coronavirus-related words. The results show that market volatility has been exacerbated by fear sentiment as the result of an increase in search interest in coronavirus. Moreover, we find that negative Bitcoin returns and high trading volume can be explained by fear sentiment regarding the coronavirus. Our results also show that Bitcoin fails to act as a safe haven during the pandemic.
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