{"title":"Cryptocurrency markets, macroeconomic news announcements and energy consumption","authors":"Walid Ben Omrane, Qianru Qi, Samir Saadi","doi":"10.1007/s10479-023-05500-5","DOIUrl":null,"url":null,"abstract":"<div><p>Motivated by recent evidence showing that shocks in cryptocurrencies’ trade volume increase their energy consumption and carbon footprint, this study seeks to identify the news-based determinants of the volume and number of trades of Bitcoin and Ethereum. Specifically, we investigate how the trading volume and number of trades in Bitcoin and Ethereum react to the release of U.S., German and Japanese macroeconomic news. Using 5-min frequency Bitcoin and Ethereum prices quoted against the US dollar, we find that the volume and number of trades show a significant response to macroeconomic releases. Furthermore, both the volume and number of trades in Bitcoin and Ethereum react to the same U.S. macroeconomic news, such as the Consumer Confidence Index, new home sales, and FOMC rate decisions. Our findings suggest that macroeconomic news can contribute to major cryptocurrencies' increased energy consumption and carbon footprint.</p></div>","PeriodicalId":8215,"journal":{"name":"Annals of Operations Research","volume":"347 1","pages":"743 - 760"},"PeriodicalIF":4.5000,"publicationDate":"2023-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Annals of Operations Research","FirstCategoryId":"91","ListUrlMain":"https://link.springer.com/article/10.1007/s10479-023-05500-5","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"OPERATIONS RESEARCH & MANAGEMENT SCIENCE","Score":null,"Total":0}
引用次数: 0
Abstract
Motivated by recent evidence showing that shocks in cryptocurrencies’ trade volume increase their energy consumption and carbon footprint, this study seeks to identify the news-based determinants of the volume and number of trades of Bitcoin and Ethereum. Specifically, we investigate how the trading volume and number of trades in Bitcoin and Ethereum react to the release of U.S., German and Japanese macroeconomic news. Using 5-min frequency Bitcoin and Ethereum prices quoted against the US dollar, we find that the volume and number of trades show a significant response to macroeconomic releases. Furthermore, both the volume and number of trades in Bitcoin and Ethereum react to the same U.S. macroeconomic news, such as the Consumer Confidence Index, new home sales, and FOMC rate decisions. Our findings suggest that macroeconomic news can contribute to major cryptocurrencies' increased energy consumption and carbon footprint.
期刊介绍：
The Annals of Operations Research publishes peer-reviewed original articles dealing with key aspects of operations research, including theory, practice, and computation. The journal publishes full-length research articles, short notes, expositions and surveys, reports on computational studies, and case studies that present new and innovative practical applications.
In addition to regular issues, the journal publishes periodic special volumes that focus on defined fields of operations research, ranging from the highly theoretical to the algorithmic and the applied. These volumes have one or more Guest Editors who are responsible for collecting the papers and overseeing the refereeing process.
京公网安备 11010802042870号
京ICP备2023020795号-1
分享
求助内容：
应助结果提醒方式：
扫码关注我们
