ISSN: 2056-3736 (Online Version) | 2056-3728 (Print Version)

Impacts of Stock Indices, Oil, and Twitter Sentiment on Major Cryptocurrencies during the COVID-19 First Wave

Νikolaos A. Kyriazis

Correspondence: Νikolaos A. Kyriazis,

Department of Economics, University of Thessaly, Greece

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This paper sets under scrutiny whether the S&P500, oil, and Twitter-based uncertainty about financial markets affect the returns and volatility of three major cryptocurrencies. Estimations are conducted concerning Bitcoin, Bitcoin Cash, and Dogecoin during the first wave of the COVID-19 pandemic. Findings document that Twitter uncertainty exhibits a weaker impact on cryptocurrencies than the S&P500 and crude oil. S&P500 constitutes a positive and significant determinant while impacts of oil are weaker and mixed. The volatility of cryptocurrencies is found to display a non-linear character. Moreover, it is revealed that Dogecoin could be more useful to investors as a speculative tool than Bitcoin and Bitcoin Cash. These outcomes inform the interested reader that traditional investments are influential in a much larger degree towards modern financial assets than investor sentiment when economic conditions are stressed.


  Twitter Sentiment, Stock, Oil, Cryptocurrency, COVID-19 pandemic.


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