Open AccessHerding on Fundamental/Nonfundamental Information During the COVID-19 Outbreak and Cyber-Attacks: Evidence From the Cryptocurrency Market
Author(s) -
Imran Yousaf,
Shoaib Ali,
Elie Bouri,
Anupam Dutta
Publication year - 2021
Publication title -
sage open
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.357
H-Index - 32
ISSN - 2158-2440
DOI - 10.1177/21582440211029911
Subject(s) - herding , cryptocurrency , covid-19 , empirical evidence , econometrics , outbreak , economics , computer science , computer security , geography , medicine , virology , philosophy , disease , epistemology , infectious disease (medical specialty) , forestry , pathology
We provide an empirical analysis of herding behavior in cryptocurrency markets during COVID-19 and periods of cyber-attacks, differentiating between fundamental and nonfundamental herding. The results show that herding behavior is driven by fundamental information during the full sample period and the cyber-attack days. However, herding is not prevalent during the COVID-19 outbreak, either when reacting to fundamental or nonfundamental information. This finding suggests heterogeneity in the behaviors of participants in the cryptocurrency markets during the COVID-19 period.