Are Crypto-Assets More Resilient to Financial Shocks than Conventional Assets?
Abstract
This article examines the resilience of crypto-assets and that of conventional assets to financial shocks. It uses GARCH models to analyze the volatility of daily returns of crypto-assets (i.e., BTC, ETH, BNB, XRP, ADA) and conventional assets (i.e., AAPL, MSFT, GOOG, AMZN, NVDA), with their respective benchmarks (i.e., CRIX and S&P500). The total study period runs from March 16, 2018, to June 30, 2023, divided into three sub-periods: the pre-COVID-19 period (March 16, 2018, to November 29, 2019), the post-COVID-19 period (December 02, 2019, to February 09, 2022), and the Russo-Ukrainian war period (February 10, 2022, to June 30, 2023). The results indicate that crypto-assets are more volatile than conventional assets over the full study period, confirming their status as risky assets. Furthermore, all assets experienced a significant increase in volatility during the COVID-19 pandemic, with particularly high levels for crypto-assets compared to conventional assets. During the Russo-Ukrainian war period, crypto-assets experienced high levels of volatility, which were slightly lower than those observed during the post-COVID-19 period. Compared to crypto-assets, conventional assets are more resilient to financial shocks. Our research could help investors build their portfolios while also allowing them to understand the role of digital assets in risk management.
References
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Bampinas, G., & Panagiotidis, T. (2024). How would the war and the pandemic affect the stock and cryptocurrency cross-market linkages? Research in International Business and Finance, 70, 102272. https://doi.org/10.1016/j.ribaf.2024.102272
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Bollerslev, T. (1986). Generalized autoregressive conditional heteroskedasticity. Journal of Econometrics, 31, 307–327. https://doi.org/10.1016/0304-4076(86)90063-1
Bossman, A., Gubareva, M., Agyei, S. K., & Vo, X. V. (2024). When you need them, they are not there: Hedge capacities of cryptocurrencies disappear in downtrend markets. Financial Innovation, 10(1), 112. https://doi.org/10.1186/s40854-024-00638-y
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Bouri, E., Molnár, P., Azzi, G., Roubaud, D., & Hagfors, L. I. (2017). On the hedge and safe haven properties of Bitcoin: Is it really more than a diversifier? Finance Research Letters, 20, 192–198. https://doi.org/10.1016/j.frl.2016.09.025
Chen, Y., & Yu, C. (2025). The connectedness between three traditional assets and cryptocurrency during the COVID-19 pandemic and Russia-Ukraine conflicts. Applied Economics Letters, 32(13), 1925–1932. https://doi.org/10.1080/13504851.2024.2331667
Chou, R. Y. (1988). Volatility persistence and stock valuations: Some empirical evidence using GARCH. Journal of Applied Econometrics, 3(4), 279–294. https://doi.org/10.1002/jae.3950030404
Conlon, T., Corbet, S., & McGee, R. J. (2020). Are cryptocurrencies a safe haven for equity markets? An international perspective from the COVID-19 pandemic. Research in International Business and Finance, 54, 101248. https://doi.org/10.1016/j.ribaf.2020.101248
Conlon, T., & McGee, R. (2020). Safe haven or risky hazard? Bitcoin during the Covid-19 bear market. Finance Research Letters, 35, 101607. https://doi.org/10.1016/j.frl.2020.101607
Corbet, S., Hou, Y. (Greg), Hu, Y., Larkin, C., & Oxley, L. (2020). Any port in a storm: Cryptocurrency safe-havens during the COVID-19 pandemic. Economics Letters, 194, 109377. https://doi.org/10.1016/j.econlet.2020.109377
Dwita Mariana, C., Ekaputra, I. A., & Husodo, Z. A. (2021). Are Bitcoin and Ethereum safe-havens for stocks during the COVID-19 pandemic? Finance Research Letters, 38, 101798. https://doi.org/10.1016/j.frl.2020.101798
Engle, R. F. (1982). Autoregressive conditional heteroskedasticity with estimates of the variance of United Kingdom inflation. Econometrica, 50(1), 987–1007. https://doi.org/10.2307/1912773
Fang, F., Ventre, C., Basios, M., Kanthan, L., Martinez-Rego, D., Wu, F., & Li, L. (2022). Cryptocurrency trading: A comprehensive survey. Financial Innovation, 8(1), 13. https://doi.org/10.1186/s40854-021-00321-6
Fry, J., & Cheah, E.-T. (2016). Negative bubbles and shocks in cryptocurrency markets. International Review of Financial Analysis, 47, 343–352. https://doi.org/10.1016/j.irfa.2016.02.008
Gaies, M., & Chkili, W. (2023). Dynamic correlation and hedging strategy between Bitcoin prices and stock market during the Russo-Ukrainian war. Eurasian Economic Review, 13(2), 307–319. https://doi.org/10.1007/s40822-023-00231-1
Hamouda, F., Yousaf, I., & Naeem, M. A. (2024). Exploring the dynamics of equity and cryptocurrency markets: Fresh evidence from the Russia–Ukraine war. Computational Economics. https://doi.org/10.1007/s10614-024-10573-w
Hayes, A. S. (2017). Cryptocurrency value formation: An empirical study leading to a cost of production model for valuing bitcoin. Telematics and Informatics, 34(7), 1308–1321. https://doi.org/10.1016/j.tele.2016.05.005
Jeribi, A., & Kammoun Masmoudi, W. (2021). Investigating dynamic interdependencies between traditional and digital assets during the COVID-19 outbreak: Implications for G7 and Chinese financial investors. Journal of Research in Emerging Markets, 3(3), 60–80.
Karamti, C., & Belhassine, O. (2022). COVID-19 pandemic waves and global financial markets: Evidence from wavelet coherence analysis. Finance Research Letters, 45, 102136. https://doi.org/10.1016/j.frl.2021.102136
Kayani, U., Ullah, M., Aysan, A. F., Nazir, S., & Frempong, J. (2024). Quantile connectedness among digital assets, traditional assets, and renewable energy prices during extreme economic crisis. Technological Forecasting and Social Change, 208, 123635. https://doi.org/10.1016/j.techfore.2024.123635
Khalfaoui, R., Gozgor, G., & Goodell, J. W. (2023). Impact of Russia-Ukraine war attention on cryptocurrency: Evidence from quantile dependence analysis. Finance Research Letters, 52, 103365. https://doi.org/10.1016/j.frl.2022.103365
Lahmiri, S., & Bekiros, S. (2020). The impact of COVID-19 pandemic upon stability and sequential irregularity of equity and cryptocurrency markets. Chaos, Solitons & Fractals, 138, 109936. https://doi.org/10.1016/j.chaos.2020.109936
Li, L., & Miu, P. (2023). Are cryptocurrencies a safe haven for stock investors? A regime-switching approach. Journal of Empirical Finance, 70, 367–385. https://doi.org/10.1016/j.jempfin.2022.12.010
Maghyereh, A., & Abdoh, H. (2022). COVID-19 and the volatility interlinkage between bitcoin and financial assets. Empirical Economics, 63(6), 2875–2901. https://doi.org/10.1007/s00181-022-02223-7
Marobhe, M. I. (2022). Cryptocurrency as a safe haven for investment portfolios amid COVID-19 panic cases of Bitcoin, Ethereum and Litecoin. China Finance Review International, 12(1), 51–68. https://doi.org/10.1108/CFRI-09-2021-0187
Mejri, S., Leccadito, A., & Yildirim, R. (2025). Dynamic responses of Bitcoin, gold, and green bonds to geopolitical risk: A quantile wavelet analysis. Borsa Istanbul Review. https://doi.org/10.1016/j.bir.2025.07.002
Melki, A., & Nefzi, N. (2022). Tracking safe haven properties of cryptocurrencies during the COVID-19 pandemic: A smooth transition approach. Finance Research Letters, 46, 102243. https://doi.org/10.1016/j.frl.2021.102243
Mgadmi, N., Sadraoui, T., Alkaabi, W., & Abidi, A. (2023). The interconnectedness of stock indices and cryptocurrencies during the Russia-Ukraine war. Journal of Economic Criminology, 2, 100039. https://doi.org/10.1016/j.jeconc.2023.100039
Naeem, M. A., Bouri, E., Peng, Z., Shahzad, S. J. H., & Vo, X. V. (2021). Asymmetric efficiency of cryptocurrencies during COVID-19. Physica A: Statistical Mechanics and Its Applications, 565, 125562. https://doi.org/10.1016/j.physa.2020.125562
Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system.
Nelson, D. B. (1991). Conditional heteroskedasticity in asset returns: A new approach. Econometrica, 59(2), 347–370.
Nguyen, K. Q. (2022). The correlation between the stock market and Bitcoin during COVID-19 and other uncertainty periods. Finance Research Letters, 46, 102284. https://doi.org/10.1016/j.frl.2021.102284
Omane-Adjepong, M., Alagidede, P., & Akosah, N. K. (2019). Wavelet time-scale persistence analysis of cryptocurrency market returns and volatility. Physica A: Statistical Mechanics and Its Applications, 514, 105–120. https://doi.org/10.1016/j.physa.2018.09.013
Ouchen, A. (2022). Is the ESG portfolio less turbulent than a market benchmark portfolio? Risk Management, 24(1), 1–33. https://doi.org/10.1057/s41283-021-00077-4
Özdemir, O. (2022). Cue the volatility spillover in the cryptocurrency markets during the COVID-19 pandemic: Evidence from DCC-GARCH and wavelet analysis. Financial Innovation, 8(1), 12. https://doi.org/10.1186/s40854-021-00319-0
Peters, G. W., Panayi, E., & Chapelle, A. (2015). Trends in crypto-currencies and blockchain technologies: A monetary theory and regulation perspective. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2646618
Platanakis, E., & Urquhart, A. (2020). Should investors include Bitcoin in their portfolios? A portfolio theory approach. The British Accounting Review, 52(4), 100837. https://doi.org/10.1016/j.bar.2019.100837
Rashid, A., Bakry, W., & Al-Mohamad, S. (2023). Are cryptocurrencies a future safe haven for investors? The case of Bitcoin. Economic Research-Ekonomska Istraživanja, 36(2), 2140443. https://doi.org/10.1080/1331677X.2022.2140443
Shaik, M., Rabbani, M. R., Nasef, Y. T., Kayani, U. N., & Bashar, A. (2023). The dynamic volatility nexus of FinTech, innovative technology communication, and cryptocurrency indices during the crises period. Journal of Open Innovation: Technology, Market, and Complexity, 9(3), 100129. https://doi.org/10.1016/j.joitmc.2023.100129
Steli, E. M., & Ouchen, A. (2024). Blockchain: Pillar of revolutions in cryptocurrencies, supply chain management, Internet of Things and healthcare. 2024 International Conference on Circuit, Systems and Communication (ICCSC), 1–7. https://doi.org/10.1109/ICCSC62074.2024.10616766
Stensås, A., Nygaard, M. F., Kyaw, K., & Treepongkaruna, S. (2019). Can Bitcoin be a diversifier, hedge or safe haven tool? Cogent Economics & Finance, 7(1), 1593072. https://doi.org/10.1080/23322039.2019.1593072
Swartz, N. D. (2014). Bursting the Bitcoin bubble: The case to regulate digital currency as a security or commodity. Tulane Journal of Technology & Intellectual Property, 17, 319.
Taera, E. G., Setiawan, B., Saleem, A., Wahyuni, A. S., Chang, D. K. S., Nathan, R. J., & Lakner, Z. (2023). The impact of Covid-19 and Russia–Ukraine war on the financial asset volatility: Evidence from equity, cryptocurrency and alternative assets. Journal of Open Innovation: Technology, Market, and Complexity, 9(3), 100116. https://doi.org/10.1016/j.joitmc.2023.100116
Tarchella, S., Khalfaoui, R., & Hammoudeh, S. (2024). The safe haven, hedging, and diversification properties of oil, gold, and cryptocurrency for the G7 equity markets: Evidence from the pre- and post-COVID-19 periods. Research in International Business and Finance, 67, 102125. https://doi.org/10.1016/j.ribaf.2023.102125
Terraza, V., Boru İpek, A., & Rounaghi, M. M. (2024). The nexus between the volatility of Bitcoin, gold, and American stock markets during the COVID-19 pandemic. Financial Innovation, 10(1), 22. https://doi.org/10.1186/s40854-023-00520-3
Ullah, M. (2025). Risk and return analysis between digital and conventional financial assets in a turbulent geopolitical environment. Digital Finance. https://doi.org/10.1007/s42521-025-00147-2
Yarovaya, L., Matkovskyy, R., & Jalan, A. (2022). The COVID-19 black swan crisis: Reaction and recovery of various financial markets. Research in International Business and Finance, 59, 101521. https://doi.org/10.1016/j.ribaf.2021.101521
Yatie, A. (2022). Crypto-assets better safe-havens than gold during Covid-19: The case of European indices.
Yaya, O. S., Ogbonna, A. E., Mudida, R., & Abu, N. (2021). Market efficiency and volatility persistence of cryptocurrency during pre- and post-crash periods of Bitcoin. International Journal of Finance & Economics, 26(1), 1318–1335. https://doi.org/10.1002/ijfe.1851
Yuyama, T., Ikeno, Y., Zhang, S., Matsuo, S., & Angel, J. J. (2023). Can crypto assets be safe-haven assets during crisis periods? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4346079
Zhu, Y., Taasim, S. I., & Daud, A. (2025). Volatility modeling and tail risk estimation of financial assets: Evidence from gold, oil, Bitcoin, and stocks for selected markets. Risks, 13(7), 138. https://doi.org/10.3390/risks13070138
Ballis, A., Drakos, K., Kallandranis, C., Anastasiou, D., & Doan, V. A. (2025). The impact of COVID-19 first wave on cryptocurrencies and G7 stock markets. Journal of Small Business and Enterprise Development, 32(3), 725–738. https://doi.org/10.1108/JSBED-12-2023-0582
Bajra, U. Q., & Aliu, F. (2023). Deciphering the cryptocurrency conundrum: Investigating speculative characteristics and volatility. Finance Research Letters, 58, 104589. https://doi.org/10.1016/j.frl.2023.104589
Bampinas, G., & Panagiotidis, T. (2024). How would the war and the pandemic affect the stock and cryptocurrency cross-market linkages? Research in International Business and Finance, 70, 102272. https://doi.org/10.1016/j.ribaf.2024.102272
Baur, D. G., Hong, K., & Lee, A. D. (2018). Bitcoin: Medium of exchange or speculative assets? Journal of International Financial Markets, Institutions and Money, 54, 177–189. https://doi.org/10.1016/j.intfin.2017.12.004
Bollerslev, T. (1986). Generalized autoregressive conditional heteroskedasticity. Journal of Econometrics, 31, 307–327. https://doi.org/10.1016/0304-4076(86)90063-1
Bossman, A., Gubareva, M., Agyei, S. K., & Vo, X. V. (2024). When you need them, they are not there: Hedge capacities of cryptocurrencies disappear in downtrend markets. Financial Innovation, 10(1), 112. https://doi.org/10.1186/s40854-024-00638-y
Botte, W. A., & Nigro, M. (2021). Risk analysis of crypto assets (pp. 1–10).
Bouri, E., Molnár, P., Azzi, G., Roubaud, D., & Hagfors, L. I. (2017). On the hedge and safe haven properties of Bitcoin: Is it really more than a diversifier? Finance Research Letters, 20, 192–198. https://doi.org/10.1016/j.frl.2016.09.025
Chen, Y., & Yu, C. (2025). The connectedness between three traditional assets and cryptocurrency during the COVID-19 pandemic and Russia-Ukraine conflicts. Applied Economics Letters, 32(13), 1925–1932. https://doi.org/10.1080/13504851.2024.2331667
Chou, R. Y. (1988). Volatility persistence and stock valuations: Some empirical evidence using GARCH. Journal of Applied Econometrics, 3(4), 279–294. https://doi.org/10.1002/jae.3950030404
Conlon, T., Corbet, S., & McGee, R. J. (2020). Are cryptocurrencies a safe haven for equity markets? An international perspective from the COVID-19 pandemic. Research in International Business and Finance, 54, 101248. https://doi.org/10.1016/j.ribaf.2020.101248
Conlon, T., & McGee, R. (2020). Safe haven or risky hazard? Bitcoin during the Covid-19 bear market. Finance Research Letters, 35, 101607. https://doi.org/10.1016/j.frl.2020.101607
Corbet, S., Hou, Y. (Greg), Hu, Y., Larkin, C., & Oxley, L. (2020). Any port in a storm: Cryptocurrency safe-havens during the COVID-19 pandemic. Economics Letters, 194, 109377. https://doi.org/10.1016/j.econlet.2020.109377
Dwita Mariana, C., Ekaputra, I. A., & Husodo, Z. A. (2021). Are Bitcoin and Ethereum safe-havens for stocks during the COVID-19 pandemic? Finance Research Letters, 38, 101798. https://doi.org/10.1016/j.frl.2020.101798
Engle, R. F. (1982). Autoregressive conditional heteroskedasticity with estimates of the variance of United Kingdom inflation. Econometrica, 50(1), 987–1007. https://doi.org/10.2307/1912773
Fang, F., Ventre, C., Basios, M., Kanthan, L., Martinez-Rego, D., Wu, F., & Li, L. (2022). Cryptocurrency trading: A comprehensive survey. Financial Innovation, 8(1), 13. https://doi.org/10.1186/s40854-021-00321-6
Fry, J., & Cheah, E.-T. (2016). Negative bubbles and shocks in cryptocurrency markets. International Review of Financial Analysis, 47, 343–352. https://doi.org/10.1016/j.irfa.2016.02.008
Gaies, M., & Chkili, W. (2023). Dynamic correlation and hedging strategy between Bitcoin prices and stock market during the Russo-Ukrainian war. Eurasian Economic Review, 13(2), 307–319. https://doi.org/10.1007/s40822-023-00231-1
Hamouda, F., Yousaf, I., & Naeem, M. A. (2024). Exploring the dynamics of equity and cryptocurrency markets: Fresh evidence from the Russia–Ukraine war. Computational Economics. https://doi.org/10.1007/s10614-024-10573-w
Hayes, A. S. (2017). Cryptocurrency value formation: An empirical study leading to a cost of production model for valuing bitcoin. Telematics and Informatics, 34(7), 1308–1321. https://doi.org/10.1016/j.tele.2016.05.005
Jeribi, A., & Kammoun Masmoudi, W. (2021). Investigating dynamic interdependencies between traditional and digital assets during the COVID-19 outbreak: Implications for G7 and Chinese financial investors. Journal of Research in Emerging Markets, 3(3), 60–80.
Karamti, C., & Belhassine, O. (2022). COVID-19 pandemic waves and global financial markets: Evidence from wavelet coherence analysis. Finance Research Letters, 45, 102136. https://doi.org/10.1016/j.frl.2021.102136
Kayani, U., Ullah, M., Aysan, A. F., Nazir, S., & Frempong, J. (2024). Quantile connectedness among digital assets, traditional assets, and renewable energy prices during extreme economic crisis. Technological Forecasting and Social Change, 208, 123635. https://doi.org/10.1016/j.techfore.2024.123635
Khalfaoui, R., Gozgor, G., & Goodell, J. W. (2023). Impact of Russia-Ukraine war attention on cryptocurrency: Evidence from quantile dependence analysis. Finance Research Letters, 52, 103365. https://doi.org/10.1016/j.frl.2022.103365
Lahmiri, S., & Bekiros, S. (2020). The impact of COVID-19 pandemic upon stability and sequential irregularity of equity and cryptocurrency markets. Chaos, Solitons & Fractals, 138, 109936. https://doi.org/10.1016/j.chaos.2020.109936
Li, L., & Miu, P. (2023). Are cryptocurrencies a safe haven for stock investors? A regime-switching approach. Journal of Empirical Finance, 70, 367–385. https://doi.org/10.1016/j.jempfin.2022.12.010
Maghyereh, A., & Abdoh, H. (2022). COVID-19 and the volatility interlinkage between bitcoin and financial assets. Empirical Economics, 63(6), 2875–2901. https://doi.org/10.1007/s00181-022-02223-7
Marobhe, M. I. (2022). Cryptocurrency as a safe haven for investment portfolios amid COVID-19 panic cases of Bitcoin, Ethereum and Litecoin. China Finance Review International, 12(1), 51–68. https://doi.org/10.1108/CFRI-09-2021-0187
Mejri, S., Leccadito, A., & Yildirim, R. (2025). Dynamic responses of Bitcoin, gold, and green bonds to geopolitical risk: A quantile wavelet analysis. Borsa Istanbul Review. https://doi.org/10.1016/j.bir.2025.07.002
Melki, A., & Nefzi, N. (2022). Tracking safe haven properties of cryptocurrencies during the COVID-19 pandemic: A smooth transition approach. Finance Research Letters, 46, 102243. https://doi.org/10.1016/j.frl.2021.102243
Mgadmi, N., Sadraoui, T., Alkaabi, W., & Abidi, A. (2023). The interconnectedness of stock indices and cryptocurrencies during the Russia-Ukraine war. Journal of Economic Criminology, 2, 100039. https://doi.org/10.1016/j.jeconc.2023.100039
Naeem, M. A., Bouri, E., Peng, Z., Shahzad, S. J. H., & Vo, X. V. (2021). Asymmetric efficiency of cryptocurrencies during COVID-19. Physica A: Statistical Mechanics and Its Applications, 565, 125562. https://doi.org/10.1016/j.physa.2020.125562
Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system.
Nelson, D. B. (1991). Conditional heteroskedasticity in asset returns: A new approach. Econometrica, 59(2), 347–370.
Nguyen, K. Q. (2022). The correlation between the stock market and Bitcoin during COVID-19 and other uncertainty periods. Finance Research Letters, 46, 102284. https://doi.org/10.1016/j.frl.2021.102284
Omane-Adjepong, M., Alagidede, P., & Akosah, N. K. (2019). Wavelet time-scale persistence analysis of cryptocurrency market returns and volatility. Physica A: Statistical Mechanics and Its Applications, 514, 105–120. https://doi.org/10.1016/j.physa.2018.09.013
Ouchen, A. (2022). Is the ESG portfolio less turbulent than a market benchmark portfolio? Risk Management, 24(1), 1–33. https://doi.org/10.1057/s41283-021-00077-4
Özdemir, O. (2022). Cue the volatility spillover in the cryptocurrency markets during the COVID-19 pandemic: Evidence from DCC-GARCH and wavelet analysis. Financial Innovation, 8(1), 12. https://doi.org/10.1186/s40854-021-00319-0
Peters, G. W., Panayi, E., & Chapelle, A. (2015). Trends in crypto-currencies and blockchain technologies: A monetary theory and regulation perspective. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2646618
Platanakis, E., & Urquhart, A. (2020). Should investors include Bitcoin in their portfolios? A portfolio theory approach. The British Accounting Review, 52(4), 100837. https://doi.org/10.1016/j.bar.2019.100837
Rashid, A., Bakry, W., & Al-Mohamad, S. (2023). Are cryptocurrencies a future safe haven for investors? The case of Bitcoin. Economic Research-Ekonomska Istraživanja, 36(2), 2140443. https://doi.org/10.1080/1331677X.2022.2140443
Shaik, M., Rabbani, M. R., Nasef, Y. T., Kayani, U. N., & Bashar, A. (2023). The dynamic volatility nexus of FinTech, innovative technology communication, and cryptocurrency indices during the crises period. Journal of Open Innovation: Technology, Market, and Complexity, 9(3), 100129. https://doi.org/10.1016/j.joitmc.2023.100129
Steli, E. M., & Ouchen, A. (2024). Blockchain: Pillar of revolutions in cryptocurrencies, supply chain management, Internet of Things and healthcare. 2024 International Conference on Circuit, Systems and Communication (ICCSC), 1–7. https://doi.org/10.1109/ICCSC62074.2024.10616766
Stensås, A., Nygaard, M. F., Kyaw, K., & Treepongkaruna, S. (2019). Can Bitcoin be a diversifier, hedge or safe haven tool? Cogent Economics & Finance, 7(1), 1593072. https://doi.org/10.1080/23322039.2019.1593072
Swartz, N. D. (2014). Bursting the Bitcoin bubble: The case to regulate digital currency as a security or commodity. Tulane Journal of Technology & Intellectual Property, 17, 319.
Taera, E. G., Setiawan, B., Saleem, A., Wahyuni, A. S., Chang, D. K. S., Nathan, R. J., & Lakner, Z. (2023). The impact of Covid-19 and Russia–Ukraine war on the financial asset volatility: Evidence from equity, cryptocurrency and alternative assets. Journal of Open Innovation: Technology, Market, and Complexity, 9(3), 100116. https://doi.org/10.1016/j.joitmc.2023.100116
Tarchella, S., Khalfaoui, R., & Hammoudeh, S. (2024). The safe haven, hedging, and diversification properties of oil, gold, and cryptocurrency for the G7 equity markets: Evidence from the pre- and post-COVID-19 periods. Research in International Business and Finance, 67, 102125. https://doi.org/10.1016/j.ribaf.2023.102125
Terraza, V., Boru İpek, A., & Rounaghi, M. M. (2024). The nexus between the volatility of Bitcoin, gold, and American stock markets during the COVID-19 pandemic. Financial Innovation, 10(1), 22. https://doi.org/10.1186/s40854-023-00520-3
Ullah, M. (2025). Risk and return analysis between digital and conventional financial assets in a turbulent geopolitical environment. Digital Finance. https://doi.org/10.1007/s42521-025-00147-2
Yarovaya, L., Matkovskyy, R., & Jalan, A. (2022). The COVID-19 black swan crisis: Reaction and recovery of various financial markets. Research in International Business and Finance, 59, 101521. https://doi.org/10.1016/j.ribaf.2021.101521
Yatie, A. (2022). Crypto-assets better safe-havens than gold during Covid-19: The case of European indices.
Yaya, O. S., Ogbonna, A. E., Mudida, R., & Abu, N. (2021). Market efficiency and volatility persistence of cryptocurrency during pre- and post-crash periods of Bitcoin. International Journal of Finance & Economics, 26(1), 1318–1335. https://doi.org/10.1002/ijfe.1851
Yuyama, T., Ikeno, Y., Zhang, S., Matsuo, S., & Angel, J. J. (2023). Can crypto assets be safe-haven assets during crisis periods? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4346079
Zhu, Y., Taasim, S. I., & Daud, A. (2025). Volatility modeling and tail risk estimation of financial assets: Evidence from gold, oil, Bitcoin, and stocks for selected markets. Risks, 13(7), 138. https://doi.org/10.3390/risks13070138
Published
2026-03-30
How to Cite
STELI, El Mehdi; OUCHEN, Abdessamad.
Are Crypto-Assets More Resilient to Financial Shocks than Conventional Assets?.
Theoretical and Practical Research in Economic Fields, [S.l.], v. 17, n. 1, p. 112 - 132, mar. 2026.
ISSN 2068-7710.
Available at: <https://journals.aserspublishing.eu/tpref/article/view/9389>. Date accessed: 05 apr. 2026.
doi: https://doi.org/10.14505/tpref.v17.1(37).09.
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