Abstract
This study scrutinizes the COVID-19 measures and their effect on leading cryptocurrency returns. Our direct measures of COVID-19 show that cryptocurrency returns are significantly influenced by COVID-19 and are most visible throughout pre-vaccination phase. The intraday price movement becomes wider during vaccination period compared to cryptocurrency returns. The findings demonstrate that even negative news of COVID-19 did not deter investors from being optimistic in the pre-vaccination period. Further, COVID-19 impacts on the cryptocurrency market diverge depending on the size of currency once vaccination begins. It reflects a different underlying dynamic process in cryptocurrency trading.
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