Asymmetric Monetary Policy Effects On Cryptocurrency Markets

Thai Nguyen, Binh Nguyen, Kien Nguyen, Huy Pham

Research output: Contribution to journalArticlepeer-review


Cryptocurrencies have recently attracted numerous interests from investors as potential investable assets. However, research on their responses to macroeconomic policies remains insufficient. This study examines the asymmetric impacts of monetary policies on cryptocurrency returns during monetary tightening versus monetary easing regimes. Interestingly, we find significant responses of four major cryptocurrencies including Bitcoin to Chinese tightening monetary policies; however, U.S. monetary policies do not significantly affect cryptocurrency returns.
Original languageEnglish
Pages (from-to)335
Number of pages339
JournalResearch in International Business and Finance
Publication statusPublished - 2019
Externally publishedYes


  • Cryptocurrencies
  • Monetary policy
  • Asymmetric response
  • China
  • U.S.


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