Cryptocurrency and VND/USD exchange rate markets during the COVID-19 and Russia-Ukraine crises


  • Ngo Thai Hung University of Finance – Marketing
  • Nguyen Thi Ngoc Ha University of Finance – Marketing
  • Pham Thi Thu Thao University of Finance – Marketing
  • Huynh Thi Thuy Duong University of Finance – Marketing


VND/USD, cryptocurrency, spillover index, wavelet coherence


This study explores the influence of the cryptocurrency markets (Bitcoin Cash, Bitcoin, XRP, Ethereum, and EOS) on foreign exchange rates (VND/USD) from January 1, 2020 to December 1, 2023 using spillover index and wavelet analysis techniques. The findings indicate a total spillover index of 43.4%, highlighting a significant relationship between the two markets during the COVID-19 period, while the cryptocurrency markets negatively impact VND/USD during the Russia-Ukraine conflict. This study provides valuable insights for investors and policymakers aiming to mitigate risks and optimize profitability strategies.


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Ngo Thai Hung, Nguyen Thi Ngoc Ha, Pham Thi Thu Thao, & Huynh Thi Thuy Duong. (2024). Cryptocurrency and VND/USD exchange rate markets during the COVID-19 and Russia-Ukraine crises. VNU JOURNAL OF ECONOMICS AND BUSINESS, 4(3), 74.



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