Trading cryptocurrencies as a pandemic pastime : COVID-19 lockdowns and Bitcoin volume
This paper examines the impact of COVID-19 lockdowns on Bitcoin trading volume. Using data from Apple mobility trends and several time-series econometric models, we find that investors became active participants during the COVID-19 pandemic period and traded more bitcoins on days with low mobility a...
- Autores:
-
Guzmán Vásquez, Alexander
Pinto Gutiérrez, Cristian A.
Trujillo Dávila , María Andrea
- Tipo de recurso:
- Article of investigation
- Fecha de publicación:
- 2021
- Institución:
- Colegio de Estudios Superiores de Administración
- Repositorio:
- Repositorio CESA
- Idioma:
- eng
- OAI Identifier:
- oai:repository.cesa.edu.co:10726/5056
- Acceso en línea:
- http://hdl.handle.net/10726/5056
https://doi.org/10.3390/math9151771
- Palabra clave:
- Bitcoin
Trading
Volume
COVID-19
Lockdowns
Investor attention
- Rights
- openAccess
- License
- Abierto (Texto Completo)
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Guzmán Vásquez, Alexandere6815926-cc9f-40cd-bb0e-f549642805cf600Pinto Gutiérrez, Cristian A.0640209b-0d9c-494f-a183-cda82ecb6378600Trujillo Dávila , María Andrea5b131e3f-c0dd-4f10-9a55-2909001129ad600Guzmán Vásquez, Alexander [0000-0001-7675-048X]Pinto Gutiérrez, Cristian A. [0000-0002-7981-4968]Trujillo Dávila, María Andrea [0000-0002-9592-7890]Guzmán Vásquez, Alexander [55207224400]Pinto Gutiérrez, Cristian A. [57191261953]Trujillo Dávila, María Andrea [55206416700]2023-06-21T22:23:01Z2023-06-21T22:23:01Z2021-07-27http://hdl.handle.net/10726/5056instname:Colegio de Estudios Superiores de Administración – CESAreponame:Biblioteca Digital – CESArepourl:https://repository.cesa.edu.co/2227-7390https://doi.org/10.3390/math9151771engMDPI AGTrading cryptocurrencies as a pandemic pastime : COVID-19 lockdowns and Bitcoin volumearticlehttp://purl.org/coar/resource_type/c_2df8fbb1http://purl.org/coar/resource_type/c_6501info:eu-repo/semantics/articlehttp://purl.org/redcol/resource_type/ARThttp://purl.org/coar/version/c_71e4c1898caa6e32info:eu-repo/semantics/openAccessAbierto (Texto Completo)http://purl.org/coar/access_right/c_abf2This paper examines the impact of COVID-19 lockdowns on Bitcoin trading volume. Using data from Apple mobility trends and several time-series econometric models, we find that investors became active participants during the COVID-19 pandemic period and traded more bitcoins on days with low mobility associated with lockdown mandates. These results remain robust after controlling for stocks and gold returns, the VIX index, and the level of attention and sentiment toward Bitcoin, as measured by Google search frequencies and the tone of Tweets discussing Bitcoin. These results suggest that when individual investors have ample free time on their hands, they trade cryptocurrencies as a pastime and use the Bitcoin market as a form of entertainment. Moreover, our results have important implications concerning investors’ herding behavior and overconfidence leading to noise trader risks and bubbles typically accompanied by high trading volume in cryptocurrency markets.https://orcid.org/0000-0001-7675-048Xhttps://orcid.org/0000-0002-7981-4968https://orcid.org/0000-0002-9592-7890https://www.scopus.com/authid/detail.uri?authorId=55207224400https://www.scopus.com/authid/detail.uri?authorId=57191261953https://www.scopus.com/authid/detail.uri?authorId=55206416700915MathematicsBitcoinTradingVolumeCOVID-19LockdownsInvestor attention10726/5056oai:repository.cesa.edu.co:10726/50562023-10-02 20:07:47.364metadata only accessBiblioteca Digital - CESAbiblioteca@cesa.edu.co |
dc.title.eng.fl_str_mv |
Trading cryptocurrencies as a pandemic pastime : COVID-19 lockdowns and Bitcoin volume |
title |
Trading cryptocurrencies as a pandemic pastime : COVID-19 lockdowns and Bitcoin volume |
spellingShingle |
Trading cryptocurrencies as a pandemic pastime : COVID-19 lockdowns and Bitcoin volume Bitcoin Trading Volume COVID-19 Lockdowns Investor attention |
title_short |
Trading cryptocurrencies as a pandemic pastime : COVID-19 lockdowns and Bitcoin volume |
title_full |
Trading cryptocurrencies as a pandemic pastime : COVID-19 lockdowns and Bitcoin volume |
title_fullStr |
Trading cryptocurrencies as a pandemic pastime : COVID-19 lockdowns and Bitcoin volume |
title_full_unstemmed |
Trading cryptocurrencies as a pandemic pastime : COVID-19 lockdowns and Bitcoin volume |
title_sort |
Trading cryptocurrencies as a pandemic pastime : COVID-19 lockdowns and Bitcoin volume |
dc.creator.fl_str_mv |
Guzmán Vásquez, Alexander Pinto Gutiérrez, Cristian A. Trujillo Dávila , María Andrea |
dc.contributor.author.spa.fl_str_mv |
Guzmán Vásquez, Alexander Pinto Gutiérrez, Cristian A. Trujillo Dávila , María Andrea |
dc.contributor.orcid.none.fl_str_mv |
Guzmán Vásquez, Alexander [0000-0001-7675-048X] Pinto Gutiérrez, Cristian A. [0000-0002-7981-4968] Trujillo Dávila, María Andrea [0000-0002-9592-7890] |
dc.contributor.scopus.none.fl_str_mv |
Guzmán Vásquez, Alexander [55207224400] Pinto Gutiérrez, Cristian A. [57191261953] Trujillo Dávila, María Andrea [55206416700] |
dc.subject.proposal.none.fl_str_mv |
Bitcoin Trading Volume COVID-19 Lockdowns Investor attention |
topic |
Bitcoin Trading Volume COVID-19 Lockdowns Investor attention |
description |
This paper examines the impact of COVID-19 lockdowns on Bitcoin trading volume. Using data from Apple mobility trends and several time-series econometric models, we find that investors became active participants during the COVID-19 pandemic period and traded more bitcoins on days with low mobility associated with lockdown mandates. These results remain robust after controlling for stocks and gold returns, the VIX index, and the level of attention and sentiment toward Bitcoin, as measured by Google search frequencies and the tone of Tweets discussing Bitcoin. These results suggest that when individual investors have ample free time on their hands, they trade cryptocurrencies as a pastime and use the Bitcoin market as a form of entertainment. Moreover, our results have important implications concerning investors’ herding behavior and overconfidence leading to noise trader risks and bubbles typically accompanied by high trading volume in cryptocurrency markets. |
publishDate |
2021 |
dc.date.issued.none.fl_str_mv |
2021-07-27 |
dc.date.accessioned.none.fl_str_mv |
2023-06-21T22:23:01Z |
dc.date.available.none.fl_str_mv |
2023-06-21T22:23:01Z |
dc.type.none.fl_str_mv |
article |
dc.type.coar.fl_str_mv |
http://purl.org/coar/resource_type/c_6501 |
dc.type.coar.none.fl_str_mv |
http://purl.org/coar/resource_type/c_2df8fbb1 |
dc.type.driver.none.fl_str_mv |
info:eu-repo/semantics/article |
dc.type.redcol.none.fl_str_mv |
http://purl.org/redcol/resource_type/ART |
dc.type.coarversion.none.fl_str_mv |
http://purl.org/coar/version/c_71e4c1898caa6e32 |
format |
http://purl.org/coar/resource_type/c_2df8fbb1 |
dc.identifier.uri.none.fl_str_mv |
http://hdl.handle.net/10726/5056 |
dc.identifier.instname.none.fl_str_mv |
instname:Colegio de Estudios Superiores de Administración – CESA |
dc.identifier.reponame.none.fl_str_mv |
reponame:Biblioteca Digital – CESA |
dc.identifier.repourl.none.fl_str_mv |
repourl:https://repository.cesa.edu.co/ |
dc.identifier.eissn.none.fl_str_mv |
2227-7390 |
dc.identifier.doi.none.fl_str_mv |
https://doi.org/10.3390/math9151771 |
url |
http://hdl.handle.net/10726/5056 https://doi.org/10.3390/math9151771 |
identifier_str_mv |
instname:Colegio de Estudios Superiores de Administración – CESA reponame:Biblioteca Digital – CESA repourl:https://repository.cesa.edu.co/ 2227-7390 |
dc.language.iso.none.fl_str_mv |
eng |
language |
eng |
dc.relation.citationvolume.none.fl_str_mv |
9 |
dc.relation.citationissue.none.fl_str_mv |
15 |
dc.relation.ispartofjournal.none.fl_str_mv |
Mathematics |
dc.rights.accessrights.none.fl_str_mv |
info:eu-repo/semantics/openAccess |
dc.rights.local.none.fl_str_mv |
Abierto (Texto Completo) |
dc.rights.coar.none.fl_str_mv |
http://purl.org/coar/access_right/c_abf2 |
eu_rights_str_mv |
openAccess |
rights_invalid_str_mv |
Abierto (Texto Completo) http://purl.org/coar/access_right/c_abf2 |
dc.publisher.none.fl_str_mv |
MDPI AG |
publisher.none.fl_str_mv |
MDPI AG |
institution |
Colegio de Estudios Superiores de Administración |
repository.name.fl_str_mv |
Biblioteca Digital - CESA |
repository.mail.fl_str_mv |
biblioteca@cesa.edu.co |
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