Description:
This article examines the impact of the invasion of Ukraine on the cryptocurrency market and herding behavior. We find that during the invasion period, the cryptocurrency market exhibited herding behavior, whereas beforehand, it was not the case. We also examine the interaction between the energy-efficient cryptocurrency market and the energy-intensive cryptocurrency market. We examine whether they are capable of causing herding behavior in each other. The energy-intensive market caused herding in the energy-efficient market only during the invasion. Nevertheless, the energy-efficient market did not cause outbound herding (spillover)