Impact of COVID19 on the Islamic cryptocurrencies
DOI:
https://doi.org/10.13135/2421-2172/4479Keywords:
Islamic cryptocurrency, COVID-19, cryptocurrency market returns.Abstract
Cryptocurrency is a new form of digital asset based on a network distributed across a large number of computers. The main objective of this work is to investigate the impact of COVID-19 on the Islamic cryptocurrency markets returns. In this methodology, we identify a group of Islamic cryptocurrencies consisting of the X8X, Hellogold and OneGram. This paper uses the Newey-West standard errors regression to estimate the effect of the COVID-19 pandemic on the Islamic cryptocurrencies returns. The empirical results show that COVID-19 total deaths have a negative effect on respectively the X8X cryptocurrency, HelloGold, and OneGram cryptocurrencies. In the same way, the COVID-19 total confirmed cases growth has a negative effect on respectively the X8X cryptocurrency, and OneGram cryptocurrencies. This study contributes to the literature by identifying the impact of COVID-19 on the Islamic cryptocurrency markets.
References
F. Muedini, “The Compatibility of Cryptocurrencies and Islamic Finance,” Eur. J. Islam. Financ., 2018.
I. H. Achsien, & D. L Purnamasari,. “Islamic Crowd-funding as The Next Financial Innovation in Islamic Finance: Potential and Anticipated Regulation in Indonesia,” Eur. J. Islam. Financ., 2016.
R. Böhme, N. Christin, B. Edelman, and T. Moore, “Bitcoin: Economics, Technology, and Governance,” J. Econ. Perspect., 2015.
A. K. Odeduntan, & A. A. Adewale, “Financial stability of Islamic banks: a review of the literature,” Eur. J. Islam. Financ., 2015.
Y. Yang et al., “The deadly coronaviruses: The 2003 SARS pandemic and the 2020 novel coronavirus epidemic in China,” Journal of Autoimmunity. 2020.
S. Sood, “Psychological effects of the Coronavirus disease-2019 pandemic,” Res. Humanit. Med. Educ., 2020.
H. Guo, E. Meamari, and C. C. Shen, “Blockchain-inspired Event Recording System for Autonomous Vehicles,” in Proceedings of 2018 1st IEEE International Conference on Hot Information-Centric Networking, HotICN 2018, 2019.
D. Zhang, M. Hu, and Q. Ji, “Financial markets under the global pandemic of COVID-19,” Financ. Res. Lett., 2020.
E. Mnif, A. Jarboui, and K. Mouakhar, “How the cryptocurrency market has performed during COVID 19? A multifractal analysis,” Financ. Res. Lett., 2020.
Z. Liu, P. Magal, O. Seydi, and G. Webb, “Understanding unreported cases in the COVID-19 epidemic outbreak in Wuhan, China, and the importance of major public health interventions,” Biology (Basel)., 2020.
M. H. Chen, S. C. (Shawn) Jang, and W. G. Kim, “The impact of the SARS outbreak on Taiwanese hotel stock performance: An event-study approach,” Int. J. Hosp. Manag., 2007.
C. R. Wells et al., “Impact of international travel and border control measures on the global spread of the novel 2019 coronavirus outbreak,” Proc. Natl. Acad. Sci. U. S. A., 2020.
S. Arshad Ali, M. Baloch, N. Ahmed, A. Arshad Ali, and A. Iqbal, “The outbreak of Coronavirus Disease 2019 (COVID-19)—An emerging global health threat,” J. Infect. Public Health, 2020.
D. I. Okorie and B. Lin, “Stock markets and the COVID-19 fractal contagion effects,” Financ. Res. Lett., 2020.
E. Mnif, A. Jarboui, and K. Mouakhar, “How the cryptocurrency market has performed during COVID 19? A multifractal analysis,” Financ. Res. Lett., 2020.
B. N. Ashraf, “Stock markets’ reaction to COVID-19: Cases or fatalities?,” Res. Int. Bus. Financ., 2020.
S. Lahmiri and S. Bekiros, “The impact of COVID-19 pandemic upon stability and sequential irregularity of equity and cryptocurrency markets,” Chaos, Solitons and Fractals, 2020.
J. Cohen, “The United States badly bungled coronavirus testing—but things may soon improve,” Science (80-. )., 2020.
Q. Ji, D. Zhang, and Y. Zhao, “Searching for safe-haven assets during the COVID-19 pandemic,” Int. Rev. Financ. Anal., 2020.
Downloads
Published
How to Cite
Issue
Section
License
EJIF content is licensed under a Creative Commons Attribution 4.0 International License.
Authors keep the copyrights for their work and give the journal the work's first publication copyright, which is at the same time licensed under a Creative Commons License – Attribution, which in turn allows other parties to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
EJIF has been approved for inclusion in 
EJIF has been approved for inclusion in 
EJIF is member of 
EJIF is indexed by 
EJIF is listed in the ANVUR (Italian National Agency for the Evaluation of Universities and Research Institutes) as a scientific journal in both 
