War and Cryptocurrency markets: An Empirical Investigation

Abstract

International audienceUsing daily returns on the top ten cryptocurrencies and the event study methodology, we estimate cryptocurrency abnormal returns around the 2022 Russian invasion of Ukraine. Our findings indicate that except for Binance coin, cryptocurrencies have negatively reacted to the war, but at different scales. For Binance coin, positive abnormal returns are reported. Our findings hold over the post war announcement period and when using alternative measures of abnormal returns based on different asset pricing models