The impact of COVID-19 and Russian-Ukrainian war on price volatility of cryptocurrencies

Authors

  • Ahlem KHAZRI High Commercial Studies Institute, Carthage

Keywords:

Cryptocurrencies, COVID-19, Russian-Ukrainian war of 2022, volatility, EGARCH model

Abstract

Purpose: This article examined the impact of the COVID-19 and the Russian-Ukrainian war on cryptocurrency price volatility.

Methodology: We studied this impact by using the EGARCH (1, 1) model for the period from January 01, 2019 to January 20, 2024. We have introduced two variables into the model variance equation: the variable relating to COVID-19 and the variable relating to the Russian-Ukrainian war.

Results: The empirical findings indicates that the COVID-19 and the Russian- Ukrainian war of 2022 have reduced the price volatility of Bitcoin, Ethereum, Binance Coin, Ripple, Cardano, TRON, Chainlink, Litecoin, Bitcoin Cash, Ethereum Classic, Stellar, Filecoin, Monero, VeChain, Maker and Bitcoin SV. However, no impact of COVID-19 and Russian-Ukrainian war was found on Dogecoin and Cronos.

Originality: This study used a larger sample than samples used in previous studies that examined the impact of the COVID-19 and the Russian-Ukrainian War on cryptocurrency price volatility. Indeed, this is the only study that is based on an initial sample composed of the top 50 cryptocurrencies in terms of market capitalization. All previous studies have been based on an initial sample composed of the top 10 cryptocurrencies in terms of market capitalization. Therefore, this study focused on cryptocurrencies that have not been used by previous studies.

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Published

2025-06-30

How to Cite

KHAZRI, A. (2025). The impact of COVID-19 and Russian-Ukrainian war on price volatility of cryptocurrencies. Journal of Academic Finance, 16(1). Retrieved from https://www.scientific-society.com/journal/index.php/AF/article/view/751

Issue

Vol. 16 No. 1 (2025): Spring 2025

Section

Articles

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Copyright (c) 2025 Ahlem KHAZRI

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