Kreuzer, Christian and Laschinger, Ralf and Priberny, Christopher and Benninghoff, Sven (2024) Cryptocurrencies as a vehicle for capital exodus: Evidence from the Russian-Ukrainian crisis. FINANCE RESEARCH LETTERS, 69: 106191. ISSN 1544-6123, 1544-6131
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Cryptocurrencies provide an escape from the conventional financial system and its regulations and could therefore become increasingly popular in the midst of geopolitical uncertainties. We analyze the linkage of the Russia-Ukraine conflict and the trading volume of 16 major cryptocurrencies via event study methodologies, based on a geopolitical risk index. The results show that the trading volume of most cryptocurrencies is positively affected by the events of the conflict. This is especially true for payment tokens and most utility coins. Interestingly, stablecoins show only fewer trading volumes before the actual event. Among utility tokens, Ripple in particular is positively influenced.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | BITCOIN RETURNS; SAFE-HAVEN; UNCERTAINTY; HEDGE; GOLD; VOLATILITY; Decentralized finance; Cryptocurrencies; Event study; Sentiment; GJR-GARCH regressions; Russian-Ukrainian crisis |
| Subjects: | 300 Social sciences > 330 Economics |
| Divisions: | Business, Economics and Information Systems > Institut für Betriebswirtschaftslehre > Lehrstuhl für Finanzierung (Prof. Dr. Gregor Dorfleitner) |
| Depositing User: | Dr. Gernot Deinzer |
| Date Deposited: | 14 Jul 2025 14:27 |
| Last Modified: | 14 Jul 2025 14:27 |
| URI: | https://pred.uni-regensburg.de/id/eprint/63978 |
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