The DOI matches its Crossref record; 9 of the 9 references it cites were found in a registry or an index.
The Economic Effect of Bitcoin Halving Events on the U.S. Capital Market
Open accessAbstract
Bitcoin is a digital asset that was first mined in January 2009 after the global financial crisis of 2007–2008. Over a decade later, there is still no consensus across different market regulations on the classification, use cases, policies, and economic implications of bitcoin. However, there is an increasing demand for digital currency, as an alternative to fiat currency which would spur financial innovation and inclusion. This study reviews regulations on digital assets across countries. It further discusses some use cases for bitcoin to reduce financial risk and facilitate cross border transactions. The study also discusses challenges related to bitcoin such as: cryptocurrencies substitution, cross border financing, cyber risk and security, and benefits in terms of the effect of coronavirus on the speed of capital market innovation and hence bitcoin usage. The study concludes by examining the economic effect of bitcoin halving events on the U.S. capital market to better understand the influence of bitcoin on financial markets and key drivers of its intrinsic value. The empirical evidence from this study suggests that bitcoin halving events are associated with significant negative stock market reaction, signaling a trading tradeoff between cryptocurrencies and U.S. stock markets.
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“Bitcoin's halving mechanism, a feature of its deflationary design, enforces programmed scarcity by halving the mining reward, initially set at 50 BTC per block every 210,000 blocks (or approximately every four years), culminating in a finite supply of 21 million coins (Courtois et al., 2014).”
From Estimating the Impact of the Bitcoin Halving on Its Price Using Synthetic Control (2025) · cites this paper as El Mahdy, 2021
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Citations
Cites
Is Bitcoin a Real Currency? An economic appraisal
Yermack, D. (2013) · National Bureau of Economic Research · doi:10.3386/w19747 · Cited by 462
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Cited by
Alonso, S. L. N., Jorge-Vázquez, J., Fernández, M. Á. E., & Forradellas, R. F. R. (2021) · Energies · doi:10.3390/en14144254 · Cited by 98
The Impact of Bitcoin Halving Day on Stock Market in Indonesia
Ramadhani, M. H. Z. K. (2022) · Journal of International Conference Proceedings · doi:10.32535/jicp.v5i3.1800 · Cited by 24
Fabus, J., Kremenova, I., Stalmasekova, N., & Kvasnicova-Galovicova, T. (2024) · Journal of Risk and Financial Management · doi:10.3390/jrfm17060229 · Cited by 14
The Effect of Positive and Negative Events on Cryptocurrency Prices
Öget, E. (2022) · Ekonomi Politika ve Finans Arastirmalari Dergisi · doi:10.30784/epfad.1011204 · Cited by 12
Zięba, D. (2023) · International Review of Economics & Finance · doi:10.1016/j.iref.2023.10.036 · Cited by 5
Consumers' foresight for the digital Turkish lira: an empirical study
AYDIN, İ., Çelik, Z., Yiğenoğlu, K., & Cesur, A. (2022) · Journal of Financial Services Marketing · doi:10.1057/s41264-022-00201-9 · Cited by 2
Bitcoin Movements Correlate with Shifts in Global Financial Market Indices
Shnaishel, T. S. (2025) · Academia Open · doi:10.21070/acopen.10.2025.11178 · Cited by 2
Barbu, T. C., Boitan, I. A., Petrescu, C. R., & Cepoi, C.-O. (2021) · Springer eBooks · doi:10.1007/978-3-030-83360-2_11 · Cited by 2
Доценко, О. (2024) · Social Economics · doi:10.26565/2524-2547-2024-67-10 · Cited by 1
Cyclicality of the crypto-currency market
Podgórski, K., & Muszyński, M. (2025) · Scientific Papers of Silesian University of Technology Organization and Management Series · doi:10.29119/1641-3466.2025.222.27 · Cited by 1
The Predictive Power of Bitcoin Halving: Assessing Price Implications
Luo, N., Jia, H., Liao, X., Qin, B., Wu, Q., & Li, S. (2025) · 2025 IEEE Global Blockchain Conference (GBC) · doi:10.1109/gbc60041.2025.11134454
Estimating the Impact of the Bitcoin Halving on Its Price Using Synthetic Control
Virtonen, V. (2025) · arXiv · doi:10.48550/arxiv.2511.05512
Motivating Blockchain Stakeholders: An Examination of Miner Ownership and Its Determinants Over TimePreprint
Nguyen, P. T., My, L. N. T., Phuong, D., & Vo, X. V. (2023) · SSRN Electronic Journal · doi:10.2139/ssrn.4672941
(2024) · Social Economics · doi:10.26565/2524-2547-2024-67
Estimating the Impact of the Bitcoin Halving on Its Price Using Synthetic ControlPreprint
Virtonen, V. (2025) · SSRN Electronic Journal · doi:10.2139/ssrn.5645410
CRYPTOCURRENCIES IN THE VIEW OF ECONOMICS RESEARCH SCHOOLS
Malkin, A. Y., & Boboshko, D. Y. (2026) · ECONOMICS AND INNOVATION MANAGEMENT · doi:10.26730/2587-5574-2026-1-90-97
Metadata
- Authors
- El Mahdy, D.
- Venue
- Accounting and Finance Innovations
- Publisher
- IntechOpen
- Published
- 2021-12-22
- OpenAlex
- W3143587234
- Cited by
- 13
- References
- 9
- Citations by year
- 2026: 1 · 2025: 2 · 2024: 2 · 2023: 2 · 2022: 4 · 2021: 2
- FWCI
- 15.74
- Type
- book chapter
- Language
- en
- Open access
- hybrid
- doi.org
- Locations
- IntechOpen eBooks (publishedVersion, cc-by)
- IntechOpen (submittedVersion, cc-by)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
- Physical Sciences › Computer Science › Information Systems › Blockchain Technology Applications and Security
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Market Dynamics and Volatility
- Keywords
- Bitcoin, Bitcoin halving, cryptocurrency, stock market reaction, legal regulation of digital assets, US capital markets, financial innovation, cross-border transactions, financial risk
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