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The impact of green cryptocurrency and nongreen cryptocurrency on energy markets: Evidence from geopolitical risk and higher-order moment connectedness

Author

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  • Yan, Wan-Lin
  • (Wai Kong) Cheung, Adrian
  • Yuan, Jiawei

Abstract

Cryptocurrency market has a significant impact on energy markets due to the intensive usage of energy in the mining process. This study analyzes the impact of green and nongreen cryptocurrency markets on traditional and clean energy markets by using a TVP-VAR connectedness approach. Moreover, the higher-order moment connectedness is investigated. The empirical results show that there is a time varying connectedness between cryptocurrency and energy markets and extreme events can intensify the connectedness. The transmission of volatility spillover and return asymmetry is more obvious between nongreen cryptocurrency and energy markets, while the probability of occurring extreme events is higher between green cryptocurrency and energy markets. Energy markets act as the net shock receiver, while cryptocurrencies are mainly the net shock transmitters in each order moment connectedness. The impact of geopolitical acts is mostly negative and the moderating impact of geopolitical threats on skewness is different between green and nongreen cryptocurrencies. This study significantly contributes to a deeper understanding of the impacts of green and non-green cryptocurrencies on energy markets, which has significant implications for investors and policymakers.

Suggested Citation

  • Yan, Wan-Lin & (Wai Kong) Cheung, Adrian & Yuan, Jiawei, 2026. "The impact of green cryptocurrency and nongreen cryptocurrency on energy markets: Evidence from geopolitical risk and higher-order moment connectedness," The North American Journal of Economics and Finance, Elsevier, vol. 81(C).
    • Handle: RePEc:eee:ecofin:v:81:y:2026:i:c:s1062940825001676
    DOI: 10.1016/j.najef.2025.102527
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