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Herding behavior in the cryptocurrency market: the case of the Russia–Ukraine conflict

Author

Listed:
  • Hanh-Hong Le

    (RMIT University)

  • Binh Thanh Nguyen

    (RMIT University)

  • Nguyen Nhan Thien

    (RMIT University)

Abstract

This study investigates the herding behavior in the cryptocurrency market during the period of the Russia and Ukraine conflict using intraday cryptocurrency price data of the five largest cryptocurrencies in terms of market capitalization. The empirical results indicate an anti-herding behavior during the whole period of the conflict, especially after the conflict officially happens. The research contributes to the growing literature on herding behavior in the cryptocurrency market by using intraday data and examining the Russia–Ukraine conflict period.

Suggested Citation

  • Hanh-Hong Le & Binh Thanh Nguyen & Nguyen Nhan Thien, 2024. "Herding behavior in the cryptocurrency market: the case of the Russia–Ukraine conflict," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 51(1), pages 99-110, March.
    • Handle: RePEc:spr:epolin:v:51:y:2024:i:1:d:10.1007_s40812-023-00279-9
    DOI: 10.1007/s40812-023-00279-9
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    More about this item

    Keywords

    Herding; Cryptocurrency; Geopolitical conflict;
    All these keywords.

    JEL classification:

    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

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