A short-and long-term analysis of the nexus between Bitcoin, social media and Covid-19 outbreak

In this paper, we attempt to analyze the dynamic interplay between Bitcoin, social media, and the Covid-19 health crisis. For this end, we apply the fractional autoregressive vector model, fractional error correction model and impulse response functions on daily data over the period 31/12/2019-30/10...

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Bibliographic Details
Published in:Heliyon 2021-07, Vol.7 (7), p.e07539, Article e07539
Main Authors: Béjaoui, Azza, Mgadmi, Nidhal, Moussa, Wajdi, Sadraoui, Tarek
Format: Article
Language:English
Subjects:
Bitcoin
Cointegration approach
Covid-19 health crisis
Google trends
Tweets
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Summary:In this paper, we attempt to analyze the dynamic interplay between Bitcoin, social media, and the Covid-19 health crisis. For this end, we apply the fractional autoregressive vector model, fractional error correction model and impulse response functions on daily data over the period 31/12/2019-30/10/2020. Our results clearly show the short- and long-term evidence of the nexus between the Bitcoin price, social media metrics (Tweets and Google Trends) and the intensity of the Covid-19 pandemic. As well, the Covid-19 pandemic does not impact on social media metrics in the short- and long-term. On the other hand, the Covid-19 pandemic positively affects social media metrics. Also, the Covid-19 pandemic encourages investing in digital currencies such as Bitcoin. So, the Covid-19 health crisis significantly influences social media networks and Bitcoin prices. Covid-19 health crisis; Tweets; Google Trends; Bitcoin.
ISSN:2405-8440
2405-8440
DOI:10.1016/j.heliyon.2021.e07539