The ınfluence of the FED’s cryptocurrency-related communication strategy on cryptocurrency market fluctuations
Digital Finance, cilt.8, sa.2, 2026 (Scopus)
- Yayın Türü: Makale / Tam Makale
- Cilt numarası: 8 Sayı: 2
- Basım Tarihi: 2026
- Doi Numarası: 10.1007/s42521-026-00179-2
- Dergi Adı: Digital Finance
- Derginin Tarandığı İndeksler: Scopus
- Anahtar Kelimeler: Centralized finance, Cryptocurrencies, Decentralized finance, FED’s verbal statements, FOMC announcements, Volatility
- Dokuz Eylül Üniversitesi Adresli: Evet
Özet
This study examines the impact of the Federal Reserve’s (FED) verbal communication regarding the cryptocurrency market on the volatility of the cryptocurrencies with the highest trading volume: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Tron (TRX), USD Coin (USDC), and Tether (USDT). The findings indicate that the tone of the FED’s statements regarding the cryptocurrency market has a significant but differentiated effect on volatility among cryptocurrencies. Overall, positive FED statements reduce market uncertainty, thereby decreasing volatility, while negative statements increase risk perception, leading to increased volatility. Bitcoin was found to have the strongest volatility reduction effect from positive FED statements, while negative statements increased volatility, particularly in stablecoins such as USDC and USDT. In contrast, the study concluded that XRP and TRX remained relatively insensitive to FED communications, and that the volatility dynamics of these assets were determined more by intra-network usage and project-specific factors. The findings reveal that FED communications did not have a homogeneous effect on the cryptocurrency market, and that volatility responses differed depending on the structural characteristics of the cryptocurrencies.