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Empirical Analysis of Herd Behavior in the Cryptocurrency Market: Evidence from COVID-19 and Social Media Influencers\' Messages (in Persian)

Author

Listed:
  • Sharifi, Sadaf

    (Iran)

  • Mazyaki, Ali

    (Iran)

  • Talbloo, Reza

    (Iran)

Abstract

The role of social media influencers in the cryptocurrency market, particularly when their messages have the potential to amplify herd behavior, is a complex and noteworthy topic. This study uses daily data from October 2019 to December 2022 to examine the impact of these influencers' messages, Federal Reserve news, and the volume of COVID-19 cases on herd behavior in the cryptocurrency market. The results show that herd behavior is more prevalent during market booms, while factors such as the spread of COVID-19 have strengthened anti-herding behavior during periods of crisis. Regarding the messages from influencers, daily fluctuations in these messages have been found to influence herd behavior, leading to greater alignment among investors during market booms. To address potential endogeneity, the study separated the data into boom and recession periods, although more precise research and caution in analyzing the effects of influencers' messages are needed to effectively manage herd behavior in cryptocurrency markets. Overall, the findings can help policymakers and market analysts gain a better understanding of herd behavior and design more effective risk management strategies in the cryptocurrency market.

Suggested Citation

  • Sharifi, Sadaf & Mazyaki, Ali & Talbloo, Reza, 2025. "Empirical Analysis of Herd Behavior in the Cryptocurrency Market: Evidence from COVID-19 and Social Media Influencers\' Messages (in Persian)," The Journal of Planning and Budgeting (٠صلنامه برنامه ریزی Ùˆ بودجه), Institute for Management and Planning studies, vol. 30(2), pages 3-38, September.
    • Handle: RePEc:auv:jipbud:v:30:y:2025:i:2:p:3-38
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    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • Q18 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Policy; Food Policy; Animal Welfare Policy
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General

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