Effect of twitter investor engagement on cryptocurrencies during the COVID-19 pandemic

This study aims to examine whether the prices and returns of two cryptocurrencies, Dogecoin and Ethereum, are affected by Twitter engagement following the COVID-19 pandemic. We use the autoregressive integrated moving average with explanatory variables model to integrate the effects of investor atte...

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Detalles Bibliográficos
Autores principales: Bouteska, Ahmed, Hajek, Petr, Abedin, Mohammad Zoynul, Dong, Yizhe
Formato: Online Artículo Texto
Lenguaje:English
Publicado: The Authors. Published by Elsevier B.V. 2023
Materias:
Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9764755/
https://www.ncbi.nlm.nih.gov/pubmed/36569426
http://dx.doi.org/10.1016/j.ribaf.2022.101850
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author Bouteska, Ahmed
Hajek, Petr
Abedin, Mohammad Zoynul
Dong, Yizhe
author_facet Bouteska, Ahmed
Hajek, Petr
Abedin, Mohammad Zoynul
Dong, Yizhe
author_sort Bouteska, Ahmed
collection PubMed
description This study aims to examine whether the prices and returns of two cryptocurrencies, Dogecoin and Ethereum, are affected by Twitter engagement following the COVID-19 pandemic. We use the autoregressive integrated moving average with explanatory variables model to integrate the effects of investor attention and engagement on Dogecoin and Ethereum returns using data from December 31, 2020, to May 12, 2021. The results provide evidence supporting the hypothesis of a strong effect of Twitter investor engagement on Dogecoin returns; however, no potential impact is identified for Ethereum. These findings add to the growing evidence regarding the effect of social media on the cryptocurrency market and have useful implications for investors and corporate investment managers concerning investment decisions and trading strategies.
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spelling pubmed-97647552022-12-20 Effect of twitter investor engagement on cryptocurrencies during the COVID-19 pandemic Bouteska, Ahmed Hajek, Petr Abedin, Mohammad Zoynul Dong, Yizhe Res Int Bus Finance Article This study aims to examine whether the prices and returns of two cryptocurrencies, Dogecoin and Ethereum, are affected by Twitter engagement following the COVID-19 pandemic. We use the autoregressive integrated moving average with explanatory variables model to integrate the effects of investor attention and engagement on Dogecoin and Ethereum returns using data from December 31, 2020, to May 12, 2021. The results provide evidence supporting the hypothesis of a strong effect of Twitter investor engagement on Dogecoin returns; however, no potential impact is identified for Ethereum. These findings add to the growing evidence regarding the effect of social media on the cryptocurrency market and have useful implications for investors and corporate investment managers concerning investment decisions and trading strategies. The Authors. Published by Elsevier B.V. 2023-01 2022-12-20 /pmc/articles/PMC9764755/ /pubmed/36569426 http://dx.doi.org/10.1016/j.ribaf.2022.101850 Text en © 2022 The Authors Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active.
spellingShingle Article
Bouteska, Ahmed
Hajek, Petr
Abedin, Mohammad Zoynul
Dong, Yizhe
Effect of twitter investor engagement on cryptocurrencies during the COVID-19 pandemic
title Effect of twitter investor engagement on cryptocurrencies during the COVID-19 pandemic
title_full Effect of twitter investor engagement on cryptocurrencies during the COVID-19 pandemic
title_fullStr Effect of twitter investor engagement on cryptocurrencies during the COVID-19 pandemic
title_full_unstemmed Effect of twitter investor engagement on cryptocurrencies during the COVID-19 pandemic
title_short Effect of twitter investor engagement on cryptocurrencies during the COVID-19 pandemic
title_sort effect of twitter investor engagement on cryptocurrencies during the covid-19 pandemic
topic Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9764755/
https://www.ncbi.nlm.nih.gov/pubmed/36569426
http://dx.doi.org/10.1016/j.ribaf.2022.101850
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