Failure of Gold, Bitcoin and Ethereum as safe havens during the Ukraine-Russia war

Abstract

This paper studies the impact of fear, uncertainty and market volatility caused by the Ukraine-Russia war on crypto-assets returns (Bitcoin and Ethereum) and Gold returns. We use the searches on Wikipedia trends as proxies of uncertainty and fear and two volatility indices: S&P500 VIX and the Russian VIX (RVIX).
\nThe results show that Bitcoin, Ethereum and Gold failed as safe havens during this war.