Bitcoin and Financial Markets: A Systematic Review of Volatility, Uncertainty, and Regulatory Challenges (2021–2023)
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Abstract
Although Bitcoin has demonstrated resilience during economic crises, its high volatility and speculative nature limit its use as a diversifying asset. Following the COVID-19 pandemic, its correlation with stock markets increased, reducing its potential as a haven. Therefore, this systematic review aims to answer the following research question: What scientific evidence is available on Bitcoin in Europe and America published between 2021 and 2023? The objective of this research was to identify the available scientific evidence on Bitcoin in Europe and America published between 2021 and 2023. The search was conducted in English, considering the topic under study. In each case, results containing the word "Bitcoin" in the title, abstract, or keywords were sought. The initial search yielded 12,403 results, which were filtered based on seven criteria, resulting in 19 articles. The study concluded that in the analysed countries, uncertainty factors affecting Bitcoin returns were identified, highlighting the role of economic policy and market sentiment. While cryptocurrencies present investment opportunities, they require advanced risk management strategies and regulatory monitoring to mitigate their volatility and dependence on the macroeconomic context.
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