Advances in Economics, Management and Political Sciences
- The Open Access Proceedings Series for Conferences
Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
Series Vol. 53 , 01 December 2023
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The Ultra-short-, Short- and Short-medium- Term Impact of Covid-19 Pandemic on Bitcoin Prices
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Abstract
The global outbreak of the COVID-19 pandemic has led to significant disruptions in financial markets, including the virtual currency market. This study examines the impact of the pandemic on Bitcoin prices across ultra-short, short, and short-medium time scales. Using ARIMA modeling, this paper analyze the dynamic behavior of Bitcoin prices in response to the effects of the pandemic. This findings illustrate distinct patterns of behavior in different time frames. First of all, from the ultra-short term perspective, after the local outbreak of the epidemic in China, compared with the control group constructed by the model, the price of Bitcoin has a relatively obvious upward trend during this period. In the short term, the outbreak of the global epidemic has led to a setback in investor confidence in all kinds of financial assets, and Bitcoin is no exception, and it is also facing a sharp decline. In the short to medium term, Bitcoin has acted as a safe haven asset in the context of the global pandemic of Covid-19. Understanding these intricate dynamics provides valuable insights into Bitcoin's multifaceted role during times of global uncertainty.
Keywords
COVID-19 pandemic, Bitcoin prices, ARIMA modeling, market fluctuations, safe-haven asset
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Data Availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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- Volume Title
- Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
- ISBN (Print)
- 978-1-83558-153-7
- ISBN (Online)
- 978-1-83558-154-4
- Published Date
- 01 December 2023
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/53/20230816
- Copyright
- 01 December 2023
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited