FoMO in the Bitcoin market: Revisiting and factors

【Author】 Wang, Jying-Nan; Liu, Hung -Chun; Lee, Yen-Hsien; Hsu, Yuan-Teng

【Source】QUARTERLY REVIEW OF ECONOMICS AND FINANCE

【影响因子】4.324

【Abstract】We revisit the "fear of missing out" (FoMO) effect of Bitcoin by observing asymmetric volatility dynamics and further investigate its driving factors. Using a longer sample period covering the COVID-19 pandemic, our results show evidence of positive asymmetric volatility behavior in the Bitcoin market, confirming the presence of the FoMO effect. This effect also exists in some other major cryptocurrencies. Further analysis indicates that the happiness index, the ratio of short-term to long-term Bitcoin trading volume, and the geopolitical risk index contribute positively to the FoMO, while the volatility index and the Twitter-based uncertainty index exert an opposite effect. (c) 2023 Board of Trustees of the University of Illinois. Published by Elsevier Inc. All rights reserved.

【Keywords】Bitcoin; FoMO; Cryptocurrency; GJR-GARCH; Rolling estimation

【发表时间】2023 JUN

【收录时间】2023-08-28

【文献类型】实证数据

【主题类别】

区块链治理-市场治理-数字货币