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How did the COVID-19 pandemic affect the information flows in cryptocurrency market?

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  • Thi Tuan Anh Tran
  • Phuong Nam Truong

Abstract

This study employs transfer entropy to analyse information flows among eight cryptocurrencies from January 1, 2018, to August 25, 2023. It reveals that the COVID-19 pandemic and the LUNA-UST collapse significantly influenced how these assets transmit and receive information. Following the pandemic, the results suggest a decrease in information exchange, particularly for Dogecoin and Bitcoin during the post-LUNA-UST collapse period. Specifically, Bitcoin demonstrates a moderate and consistent influence, while Tron emerges as the most impactful entity across all periods. Before COVID-19, all entities actively exchanged information, with Dogecoin being the most dynamic currency. The pandemic significantly affected the information dynamics of Ethereum and Litecoin, while Cardano and Tron played key roles in dissemination. Ripple experienced marginal impacts, and Binance Coin remained largely unaffected. In the post-LUNA-UST collapse period, some entities exhibited reduced information flow. Dogecoin was notably more affected than security tokens, suggesting heightened investor caution after the crisis.

Suggested Citation

  • Thi Tuan Anh Tran & Phuong Nam Truong, 2025. "How did the COVID-19 pandemic affect the information flows in cryptocurrency market?," International Journal of Business and Systems Research, Inderscience Enterprises Ltd, vol. 19(4), pages 465-482.
    • Handle: RePEc:ids:ijbsre:v:19:y:2025:i:4:p:465-482
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