C: Financial Operations and Services

Abstract

The article examines the connectedness on the returns and volatility among major cryptocurrencies. Using ten large and liquid cryptocurrencies from 2017 to 2021, results show that a structural change in the connectedness intensifies during the Covid-19 outbreak in 2020 as the market restructure is affected due to unprecedent monetary injections. Short term spillovers dominate for most periods. In the cryptocurrency market, Ethereum is more influential than Bitcoin. Short-term dynamics dominate during market upward swings. The study argues that the various participants in the cryptocurrency markets should monitor not only Bitcoin but also Ethereum and Bitcoin cash when making trading and investment decisions. (5 figures, 5 tables, references) 326/39*** Central bank digital currency: A review and some macro-financial implications Chen, H. and Siklos, P. L.