A summary of the special issue papers
Since cryptocurrency is the earliest and most established application of blockchain technology in digital finance area, most papers in this special issue are related to this topic. These papers can mainly be categorized into four sub themes. The first one is mainly regarding to the price prediction of cryptocurrency and crypto-related assets. Gurrib et al. (2022) find that Fibonacci retracement, a popular technical analysis indicator, captures energy stock prices better than energy cryptocurrencies. Critien et al. (2022) build a model to predict the direction and the magnitude of Bitcoin price changes by analyzing the sentiment and data volume of tweets. Li et al. (2022) propose a deep-learning model for forecasting the daily price changes in the Bitcoin market and algorithmic trading. The proposed model obtains higher investment returns than benchmark models in a trading simulation.
The second sub-theme is mainly about investor behavior and market phenomena in cryptocurrency markets. Blasco et al. (2022) study the herding effect among exchanges before the Bitcoin futures expiration date. Haykir and Yagli (2022) investigate financial bubbles in the cryptocurrency market during the COVID-19 pandemic. They suggest that bubbles are common in cryptocurrency markets, which is inconsistent with the efficient market hypothesis. Fratrič et al. (2022) design an agent-based model to reproduce Bitcoin market participants’ behaviors during the time of an alleged Bitcoin price manipulation. Hasan et al. (2022) examine the dynamics of liquidity connectedness in the cryptocurrency market. They report that there is a moderate liquidity connectedness among six major cryptocurrencies, with Bitcoin and Litecoin playing a significant role concerning the magnitude of connectedness. Moreover, Cui and Maghyereh (2022) study the higher-order moment co-movements and risk connectedness among cryptocurrencies before and during the COVID-19 pandemic. Lorenzo and Arroyo (2022) describe, summarize, and segment the main trends of the cryptocurrency market in 2018. Ma and Tanizaki (2022) investigate the phenomenon of price clustering in the Bitcoin market that is denominated in the Japanese yen. The last two digits of Bitcoin price are found to cluster at the numbers that end with ‘00’.
The third group provides systematic literature reviews of cryptocurrency related studies. García-Corral et al. (2022) review 1419 cryptocurrency related articles published between 2010 and 2019, and discuss the evolution of blockchain technology used in cryptocurrency. Fang et al. (2022) provide a comprehensive survey of 146 research papers on cryptocurrency trading and identify opportunities in cryptocurrency trading research.
The fourth group studies cryptocurrency from other novel perspectives. Shibano and Mogi (2022) discuss two cases in which issuers can stimulate cryptocurrencies to attain a monetary function. Minutolo et al. (2022) find that the impacts of COVID-19 outbreak on the price change and trading volume of cryptocurrencies vary by trading currencies and regions. Campino et al. (2022) study the factors that affect the success of initial coin offering (ICO) projects, including a well-structured and informative whitepaper, the proximity to the markets with high availability of financial and human capital, social media in ICO projects, etc.