Bridging the Gap: A Bibliometric Review of Cryptocurrency and Conventional Market Interactions in Academic Research

Bridging the Gap: A Bibliometric Review of Cryptocurrency and Conventional Market Interactions in Academic Research

Ahmad Harith Ashrofie Hanafi^1*, Mohd Shahid Azim Mohd Saufi², Muhammad Zarunnaim Haji Wahab³, Suheil Che Sobry⁴, Mohd Hilal Muhammad⁵

^1,2,3,4 Faculty of Business and Management, Universiti Teknology MARA (UiTM), Cawangan Kedah, Malaysia.

⁵ Faculty of Computer Science, Universiti Teknology MARA (UiTM), Cawangan Kedah, Malaysia.

DOI: https://dx.doi.org/10.47772/IJRISS.2024.809095

Received: 27 August 2024; Accepted: 10 September 2024; Published: 04 October 2024

ABSTRACT

This bibliometric analysis comprehensively reviews the burgeoning literature on cryptocurrencies within conventional financial markets. Utilizing the Scopus database, co-citation analysis maps the intellectual structure into five major clusters: hedging/risk management, Bitcoin, price volatility, cryptocurrency theories, and prediction/speculation. Seminal publications examining the link between cryptocurrencies and traditional assets, portfolio applications, blockchain accounting, and price forecasting models are highlighted in citation analysis. Future research directions, such as improved analytical methods, interconnections between commodities markets and regular currency markets, volatility dynamics, and blockchain breakthroughs, are predicted by co-occurance analysis. Fintech companies, investors, and regulators are guided in navigating this disruptive domain by management insights, while theoretical implications provide a coherent overview covering important subjects. Despite being restricted to journal articles and the SCOPUS database, this study offers a comprehensive academic path. The implications of this study are critical for practitioners, policymakers, and academics, emphasizing the need for comprehensive frameworks, clear regulations, and interdisciplinary research to navigate the complexities of this evolving financial landscape. Future directions could include investigating different cryptocurrency options, the effects of regulations, technical advancements, and interdisciplinary partnerships. With thorough research, this organized study provides a useful roadmap for navigating the opportunities and pitfalls that lie ahead as cryptocurrencies acquire popularity among the general public.

Keywords: Cryptocurrency, financial market, bitcoin, digital currency, bibliometric analysis, SCOPUS

INTRODUCTION

The rapid evolution of digital technologies has fundamentally transformed financial markets worldwide, with cryptocurrencies emerging as a prominent force reshaping conventional financial systems. Over the past decade, cryptocurrencies like Bitcoin and Ethereum have gained significant traction, challenging traditional market paradigms and financial practices (Narayanan et al., 2016; Yermack, 2017). The global financial landscape is undergoing a paradigm shift as digital assets offer new opportunities for investment, payment, and financial innovation, prompting a re-evaluation of established economic theories and market structures (Catalini & Gans, 2016). However, the integration of cryptocurrencies with conventional financial markets has introduced complex dynamics that present both opportunities and risks.

The growing interest in cryptocurrencies has spurred extensive academic research aimed at understanding their implications for financial stability, regulatory frameworks, and market efficiency (Baur et al., 2018; Cheah & Fry, 2015). As these digital assets continue to gain prominence, it is crucial to examine how academic research has evolved to address their interaction with traditional financial markets. Despite a substantial body of literature, a comprehensive bibliometric review that systematically maps the research landscape and identifies trends in this field remains underexplored. This paper seeks to bridge this gap by providing a detailed bibliometric analysis of cryptocurrency and conventional market interactions, highlighting key research themes, influential publications, and emerging trends.

The interaction between cryptocurrencies and conventional financial markets has become a focal point of global economic research due to its profound implications for market stability, regulatory policies, and investment strategies. As of 2024, the total market capitalization of cryptocurrencies exceeds $1.5 trillion, underscoring their substantial role in the global financial system (CoinMarketCap, 2024). This rapid growth has been accompanied by increased academic interest, with over 2,000 peer-reviewed papers on this topic published in 2023 alone, reflecting a robust expansion in scholarly inquiry (Scopus, 2024). Notably, the intersection of cryptocurrencies with conventional markets has led to new lines of research, including studies on regulatory impacts, market volatility, and investment diversification strategies (Zhang et al., 2024; Liu & Wang, 2024). This increasing volume of research highlights the need for a comprehensive review to synthesize existing knowledge and identify emerging trends, thereby providing a clearer understanding of how digital assets influence traditional financial systems and vice versa.

Past studies have laid the groundwork for understanding the evolving relationship between cryptocurrencies and conventional financial markets, highlighting various facets of this complex interaction. Early research by Baur et al. (2018) provided one of the first comprehensive analyses of cryptocurrencies as an asset class, examining their potential to diversify investment portfolios and their correlation with traditional financial assets. Their findings indicated that while cryptocurrencies exhibit low correlations with conventional assets, they also present significant volatility, which has implications for market stability (Baur et al., 2018). Similarly, studies by Cheah and Fry (2015) explored speculative bubbles within Bitcoin markets, offering insights into how digital currencies might affect financial stability and investor behavior

More recent research has expanded this understanding by analyzing the regulatory and market dynamics associated with cryptocurrency integration. For instance, studies by Yermack (2017) emphasized the challenges and opportunities presented by blockchain technology in corporate governance and financial markets. Additionally, recent work by Zhang et al. (2024) examined the quantitative impacts of cryptocurrencies on traditional market volatility, revealing that digital assets can influence conventional markets in significant and sometimes unpredictable ways. This body of literature underscores the need for a systematic bibliometric review to consolidate existing research and identify emerging trends in the academic discourse on cryptocurrency and conventional market interactions.

Despite the growing body of research on cryptocurrencies and their interactions with conventional financial markets, several gaps remain. Previous studies have largely focused on individual aspects such as volatility, market impact, and regulatory challenges, but few have systematically integrated these findings into a comprehensive framework. A significant research gap is the lack of a holistic bibliometric analysis that maps out the entire research landscape, identifies key themes, and uncovers emerging trends in this interdisciplinary field. This paper aims to address this gap by providing a detailed bibliometric review that consolidates existing research and highlights how digital currencies interact with traditional financial systems.

The objectives of this study are threefold: (1) to determine past critical research on the cryptocurrency within conventional financial market through co-citation analysis., (2) to evaluate the current knowledge structure on cryptocurrency within conventional financial market through bibliographic coupling analysis, and (3) to assess the directions and trends of cryptocurrency within conventional financial market through co-word analysis. By achieving these objectives, the study will offer a comprehensive understanding of the current state of research and guide future scholarly inquiry in this dynamic field.

The organization of this paper is as follows: In this section, this study present the introduction and objectives of the study focusing on cryptocurrency within the conventional financial market. Section 2 outlines the methodology, utilizing a bibliometric approach with three analyses to unveil historical, current, and future trends in cryptocurrency within the conventional financial market. Moving on to Section 3, this study present the analysis of results and discuss the clusters derived from the three analyses. Section 4 delves into the theoretical and managerial implications of the findings. Following that, Section 5 addresses the limitations and provides suggestions for future work. Finally, Section 6 serves as the conclusion of the study.

LITERATURE REVIEW

Overview of Cryptocurrency

Cryptocurrency, often referred to as digital or virtual currency, is a form of money that exists purely in digital form and uses cryptography for security. The concept of cryptocurrency was introduced with the creation of Bitcoin in 2009 by an anonymous individual or group known as Satoshi Nakamoto (Nakamoto, 2008; Wahab, 2022). The success of Bitcoin paved the way for thousands of other cryptocurrencies, collectively known as altcoins, such as Ethereum, Ripple (XRP), and Litecoin (Radanliev, 2023).

According to Campbell-Verduyn (2018), the core of most cryptocurrencies lies in blockchain technology, a decentralized, distributed ledger that records transactions across multiple computers. Blockchain’s design ensures that data is immutable, secure, and transparent, providing a trusted platform for peer-to-peer transactions without the need for intermediaries like banks. Furthermore, Karpan (2019) added that, blockchain operates by grouping transactions into blocks, which are then cryptographically secured and linked together to form a chain. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. The decentralized nature of blockchain means that no single entity has control over the entire network, reducing the risk of fraud and censorship.

In the context of consensus, the study by Bains (2022) revealed that the different cryptocurrencies employ various consensus mechanisms to validate transactions and add them to the blockchain. The study added, the most common are Proof of Work (PoW), used by Bitcoin, and Proof of Stake (PoS), used by Ethereum 2.0 and other altcoins. These mechanisms ensure that the network operates smoothly and securely.

Cryptocurrency has had a significant impact on the global financial system, challenging traditional notions of money, banking, and finance (Kayani and Hasan, 2024; Nam, 2023; Poskart, 2022). One of the main appeals of cryptocurrency is its decentralized nature, which allows for disintermediation, removing the need for central authorities such as banks or governments. This can lead to lower transaction costs, faster transactions, and increased financial inclusion, especially in regions with limited access to banking services (Xu et al., 2017).

However, the cryptocurrency market is also known for its extreme volatility. Przyłuska-Schmitt, Jegorow, and Bučková (2023) highlight that assets like Bitcoin and Ethereum can experience significant price fluctuations driven by factors such as market speculation, regulatory developments, technological advancements, and macroeconomic trends. While this volatility can offer substantial profit opportunities, it also introduces considerable risk, making cryptocurrencies highly speculative investments.

In summary, cryptocurrencies represent a substantial innovation in the financial world, with the potential to disrupt traditional systems and create new opportunities. However, their future depends on overcoming challenges related to regulation, security, scalability, and environmental impact. As research and development in this field advance, cryptocurrencies may play an increasingly significant role in the global economy.

Cryptocurrency Within Conventional Financial Market

Cryptocurrencies, led by Bitcoin, have evolved from a niche interest to a major force in global financial markets. Initially met with skepticism, cryptocurrencies are now recognized as a new asset class. Their integration into traditional financial markets presents both opportunities and challenges, prompting a reevaluation of existing financial theories and practices. Cryptocurrencies are distinguished by unique characteristics, such as decentralization, limited supply (as in the case of Bitcoin), and their digital nature. As a result, numerous studies are comparing traditional asset classes, such as equities, bonds, and commodities, with cryptocurrencies.

For example, the study by Gannatti (2024) indicates that cryptocurrencies, particularly Bitcoin, have low to negative correlations with traditional asset classes such as stocks, bonds, and commodities. This has positioned cryptocurrencies as a potential tool for diversification in investment portfolios. However, the study by Quoc Nguyen (2021) found that these correlations can fluctuate significantly during periods of market stress, as seen during the COVID-19 pandemic, when Bitcoin’s correlation with equities temporarily increased.

Naeem et al. (2022) argue that cryptocurrencies exhibit greater volatility compared to traditional assets. While this volatility presents opportunities for high returns, it also introduces significant risk. Their study examined the risk-return profile of cryptocurrencies, finding that their extreme price swings can lead to substantial gains and losses over short periods. Furthermore, some studies have explored the role of cryptocurrencies as a hedge against market risks and a safe haven during times of financial instability such as studies by Just and Krzysztof Echaust (2024) and Conlon et al. (2020). Bitcoin, for example, has been compared to gold in terms of its potential to preserve value during economic downturns (Urquhart & Zhang, 2019; Shahzad et al., 2019; Guesmi et al., 2019). However, the evidence on cryptocurrencies as effective hedges or safe havens is mixed, with some research suggesting they are too volatile to fulfill these roles consistently (Smales, 2019; Klein et al. 2018).

Integrating cryptocurrencies into conventional financial markets is not without challenges and risks. The high volatility of cryptocurrencies can pose risks to market stability, particularly if they become more widely integrated into traditional financial systems (Bank of England, 2022). The potential for contagion between cryptocurrency and traditional markets is a key concern for regulators and market participants (Akyildirim et al., 2020).

In conclusion, the integration of cryptocurrencies into conventional financial markets represents a significant shift in the financial landscape. While cryptocurrencies offer new opportunities for diversification, efficiency, and innovation, they also introduce new risks and challenges that must be carefully managed. As the cryptocurrency market matures, its interaction with traditional financial systems will continue to evolve, shaping the future of global finance.

METHODOLOGY

Bibliometric approach

Scholars are using the scientific mapping technique known as bibliometric research plan more and more because of its ability to analyze relationships between themes, fields, researchers, and articles (Zupic and Carter, 2015). The usefulness of this method for defining the scientific domain through classification and visualisation has been recognised by Boyack and Klavans (2014) as well as Van Eck and Waltman (2014). Additionally, they see it as a powerful instrument for scientometric database-based publication evaluation of scientific research. In-depth papers about cryptocurrencies in the traditional banking sector are examined in this study using the bibliometric technique. With regard to cryptocurrencies in conventional financial contexts, this paper attempts to offer a thorough examination of the academic environment.

Stage 1: Data Collection

An initial search string was created for the investigation. Two main sub-keywords and their matching synonyms were present in this search string. Synonym databases, thesauruses, and earlier research projects were some of the places from which the synonyms were acquired. Cryptocurrency is the term for digital or virtual currencies that operate independently of a central bank and use cryptography for protection. 2) Conventional financial markets are those that deal with traditional financial institutions and systems, such as stock exchanges and banks, that make it easier to trade capital and buy and sell assets. The cryptocurrency search query was heavily influenced by the research undertaken by Jain et al. (2023), whereas the conventional financial market inquiry included terms such as “financial market,” “conventional financial market,” and “stock market performance.” The search parameters for cryptocurrencies also encompassed terms like “cryptocurrency,” “digital coins,” and “virtual currency.” To guarantee the highest relevancy, the search was restricted to titles, abstracts, and keywords in the “topic” column. When obtaining the information, no limits or limitations—such as those based on language or geography—were taken into account. On December 31, 2023, the search was carried out solely with the use of the Scopus database, which is well-known for having a vast collection of over 74.8 million academic data items covering 240 disciplines. 585 publications were found during the initial search.

Stage 2: Screening

This study only utilized journal articles and early access materials that were published in SCOPUS database. To concentrate on excellent publications in respectable journals, conference proceedings, review articles, novels, book chapters, editorials, and letters were disregarded. The stringent requirement didn’t change even with the volume of journal publications. A thorough inspection of the data was done to find discrepancies and duplicates before moving on to the next stage of the investigation. Thus, 375 publications satisfied the requirements for additional examination.

Stage 3: Analyzing the Data

The data analysis went through four main steps. First, a descriptive statistic was performed using the Scopus database to extract relevant information about article publishing, such as the number of relevant papers, citations, self-citations, and h-index. The dataset was then analysed using VOSviewer software to investigate citation patterns, co-citation relationships, and keyword co-occurrences, following the approach proposed by Van Eck and Waltman (2014). There were four major steps in the data analysis process. Using the Scopus database, a descriptive statistic was first run to extract pertinent data on article publishing, including the quantity of pertinent papers, citations, self-citations, and h-index. Then, using the methodology suggested by Van Eck and Waltman (2014), the dataset was analyzed using the VOSviewer program to look into citation patterns, co-citation relationships, and keyword co-occurrences.

1) Co-citation analysis

Co-citation analysis is an organized and useful method that is useful for examining the components of cryptocurrencies in the context of traditional financial markets. McCain (1990) described the methodology as using co-citation counts to evaluate the similarity between papers, authors, or journals. Co-cited publications (Small, 1973; Zupic & Carter, 2015) are publications that are cited by a third and are measured for the purposes of this analysis. Van Eck and Waltman (2014) posit that there exists a direct proportionality between the strength of the co-citation relation and the frequency with which more publications co-cite two particular articles. According to a previous study by White and McCain (1998), this method takes a forward-looking view and uses associated publications or authors to find changes and coherence in the literature across time. The goal of the current study is to map the intellectual structure of cryptocurrencies within the traditional financial market by focusing on how two articles are jointly cited. This is achieved by emphasizing articles rather than authors in the co-citation analysis.

It is a conscious choice, therefore, to focus on article co-citation analysis rather than author co-citation. Author-centric analysis may skew results in the particular cryptocurrency focus within the traditional financial sector because authors may have made contributions to more general study topics (Fauzi, 2023). In addition, author co-citation analysis sometimes ignores co-authors’ joint efforts, focusing primarily on the primary author (McCain, 1990). As a result, the use of article co-citation analysis in this research offers a sophisticated and suitable method for comprehending the intellectual terrain and interconnections of cryptocurrencies within traditional financial markets.

2) Citation Analysis

Citation analysis is an indispensable tool guiding researchers in specific fields, revealing scientific interactions and fostering connections among scholarly ideas, as articulated by Small (1973), Weerakoon (2021) and Jain et. al. (2023). It suggests that publications receiving frequent citations wield substantial influence within their subject area, a notion emphasized by Weerakoon (2021). In the context of cryptocurrency and conventional financial market, identifying pertinent and influential articles becomes crucial, offering researchers a foundation rooted in the most impactful works of the current context. In this study, citation analysis serves a dual purpose: firstly, it visually represents the citation network by showcasing the most frequently cited publications and illustrating citation relationships and clusters (Van Eck and Waltman, 2017). Secondly, it aids researchers in searching for critical publications specific to their field, recognizing the most cited works as both pertinent and critical. Furthermore, citation analysis facilitates document retrieval based on title, author, journal, and year of publication, providing a comprehensive approach to navigating scholarly resources.

3) Co-occurrence of keyword

Extensive scholarly attention has been devoted to the co-occurrence of keywords, as evidenced by the works of Van Eck and Waltman (2014), Fauzi (2022), Alqudah et al. (2023). This analysis assesses the interconnectedness of keywords by examining their frequent appearance in titles, abstracts, or keywords within articles, as described by Fauzi (2022). The procedure involves extracting keywords from the author-supplied keyword lists of each article, where the bubble size signifies keyword frequency, and the thickness of connecting lines reflects the intensity of occurrence between two keywords, as detailed by Alqudah et al.(2023). A summary of the research question, strategy, and analysis technique is conveniently presented in Table 1, offering a concise overview of the study’s comprehensive approach.

The subsequent section of the paper investigates into the bibliometric analysis of cryptocurrency within conventional financial market. This analysis encompasses the identification of influential articles through citation analysis, evaluation of the publication structure related to cryptocurrency in conventional financial market through co-citation analysis, and anticipation of future trends via co-occurrence of keyword analysis. As a holistic exploration, these analyses provide valuable insights into the evolving landscape of cryptocurrency literature within the context of the conventional financial market.

Table 1: Synopsis of the Research Query, Methodologies Employed, and Bibliometric Techniques Utilized in The Study.

FINDINGS

Descriptive Analysis

The search was performed on December 31, 2023. The initial search returned 585 documents. After filtering only journal publications, the search returned to 367 journal publications. The total citations were 9052 and 8344 (without self-citations). The H-index for these publications was 45. The trend shows that the number of publications in this area keeps growing every year starting from 4 publications in 2017 to 115 publications in 2023It can be inferred that the trend shows that the number of publications is increasing and is expected to increase in the coming years. This suggests that issue of cryptocurrency and stock market has received interest from scholars worldwide.

Co-citation Analysis

Of 15,668 cited references, 91 met the threshold of 6 citations. The cut-off threshold is determined through several trials (in this analysis, thresholds 4, 5, 6,7, and 8 were applied) until the most suitable and relevant clusters are formed. Zupic and Carter (2015) asserted that ensuring an appropriate threshold level is crucial. If the threshold is too high, the analysis will miss important and reliable publications that could provide a meaningful theme in the study context. If it is too low, the interpretation will be difficult due to complicated visualization. Table 2 present the top 10 documents with the highest co-citation and total link strength (TLS). Based on these 91 most cited references, the network analysis was built within cryptocurrency and conventional financial market. The highest co-cited documents are Nakamoto (2008) (48 citations, 125 TLS), Corbet et. al. (2018) (33 citations, 252 TLS), and Urguhart (2016) (25 citations and 180 TLS).

Result depicted that the 91 references are divided into five clusters, represented by different colors and create the network map of the co-citation analysis as presented in figure 1. The figure suggests that five significant clusters are interconnected. This network facilitates identifying the node’s strength in the entire network and positioning related citation. The size of the nodes and the line thickness show the citation strength level within the network. The color and lines of the nodes indicate the cluster to which articles belong (Wong et al., 2021).

Cluster 1 comprises 22 articles (red color). It is observed that most of these documents were published before 2020, primarily before and during the pandemic Covid-19 that lead to cryptocurrency become one of the popular alternative investment tools. Most of these documents discuss the use of cryptocurrency as hedging mechanism, specifically in managing risk. Cluster 1 is labelled as “hedging and risk management.” One of the earliest articles was Baur and Lucey (2010) that laid out the used of other alternative investment vehicles as a hedging mechanism in coventional investment vehicles such as stocks and bonds. One of the most cited publications, Bouri et al. (2017), was considered the seminal article in the understading the hedging mechanism using cryptocurrency. Similarly, this cluster dealt with the hedging techniques to test the effectiveness of the techniques to manage the risk level (Bouri et al., 2017) and in the more recent papers pandemic Covid-19 considered as one of the risk elements in managing risk using cryptocurrency (Smales, 2019; Conlon & McGee, 2020). A much recent article by Charfeddine, Benlagha, and Maouchi (2020) explicitly explores the dynamic relationship between conventional assets and cryptocurrency to clearly understand the hedging effect provided by cryptocurrency.

Table 2: Top 10 Documents with the Highest Co-Citation and Total Link Strength

Source: Author interpretation based on VOSviewer analysis

Fig.1 Co-citation analysis on the Cryptocurrency within conventional financial market

Cluster 2 comprises 22 articles (green color). The main theme in cluster 2 can be interpreted as “Bitcoin”. Nakamoto (2008) outline the mathematical equation and model that lead to creation of bitcoins as the representative document in this cluster. As the bitcoin popularity keep rising, many researchers used the various types of analysis method to investigate the theme in cryptocurrency. Yermack (2015) performs an economic appraisal to analyze if Bitcoin is a real currency. The study concludes that Bitcoin performs more like a speculative investment than a currency and fails to meet the criteria of fiat currencies. This is align to Baek and Elbeck (2015) that use Bitcoin and S&P 500 Index daily return data to examine relative volatility. The results show strong evidence to suggest that Bitcoin volatility is internally (buyer and seller) driven leading to the conclusion that the Bitcoin market is highly speculative at present. Meanwhile, Balcilar et al. (2017) discuss the causal relation between trading volume and Bitcoin returns and volatility. The results reveal that volume can predict returns except in Bitcoin bear and bull market regimes. This result also highlights the importance of modelling nonlinearity and accounting for the tail behaviour when analysing causal relationships between Bitcoin returns and trading volume. Furthermore, Stoll, Klaassen, and Gallersdorfer (2019) shift focus toward the carbon footprint of bitcoin in the environment and found that estimate that annual carbon emissions range from 21.5 to 53.6 MtCO2. The means that the level of emissions produced by Bitcoin sits between the levels produced by the nations of Bolivia and Portugal.

Cluster 3 consists of 47 articles (blue color). Most of the articles in cluster 3 deliberated the cryptocurrency price volatility. This cluster is labelled as “price volatility”. The highest cited article is Corbet et al. (2018), which presents the stdynamic relationships between cryptocurrencies, others financial assets, and economics factors. The study by Katsiampa, Corbet, and Lucey (2019), demonstrates strong interdependencies between cryptocurrencies, with conditional covariances affected by cross-products of past error terms and covariances, the presence of asymmetric effects, and time-varying conditional correlations among the selected cryptocurrencies. The issue of Covid-19 impact on cryptocurreny price was brought up to clearly understand the price volatility based on the during unexpected events (Mnif, Jarboui, & Mouakhar, 2020). Amid the issues on the existence and dates of pricing bubbles in Bitcoin and Ethereum, Corbet, Lucey, and Yarovaya (2018) suggests that there are periods of clear bubble behaviour, with Bitcoin now almost certainly in a bubble phase.

Cluster 4 consists of 14 articles (yellow color). This cluster is labelled as “Theories on cryptocurrency”. This cluster involves articles discussing the theories related to cryptocurrency price movement. The market efficiency become a main concern as study by Urquhart (2016) show Bitcoin returns are significantly inefficient over the full sample period, but some tests indicate efficiency in the latter subsample period. This study shows that Bitcoin is currently an inefficient market, but it may be moving towards an efficient market over time. Vidal-Tomas and Ibanez (2018) Bitcoin’s efficiency has improved over time in response to its own events. However, it remains unaffected by monetary policy news, underscoring its lack of regulation or control. These findings are significant for investors and policymakers, as Bitcoin is a financial asset that operates independently from central bank interventions. In another view, Shen, Urquhart, & Wang (2019) investigates the relationship between investor attention, measured by the number of tweets, and Bitcoin returns, trading volume, and realized volatility. The findings show that the number of tweets significantly drives the next day’s trading volume and realized volatility, supported by linear and nonlinear Granger causality tests.

Cluster 5 represents 12 articles (purple). This cluster is primarily concerned with speculation and manipulation in cryptocurrency. This cluster is labelled as “prediction, speculation and manipulation.” The transaction data reveals that Bitcoin is primarily used as a speculative investment rather than an alternative currency or medium of exchange. The analysis finds that Bitcoin is uncorrelated with traditional asset classes like stocks, bonds, and commodities, even during financial turmoil. (Baur, Hong & Lee, 2018). This aligned with Cheah and Fry (2015) that suggest Bitcoin prices are prone to substantial speculative bubbles, and the fundamental value of Bitcoin is considered to be zero, raising concerns about its long-term viability. Study by Gandal et al. (2018) analyzes the impact of suspicious trading activity on the Mt. Gox Bitcoin currency exchange. Through rigorous analysis and robustness checks, the study demonstrates that the suspicious trading likely caused the unprecedented spike in the USD-BTC rate in late 2013, which could be due to manipulation activity within the market.

Table 3 summarizes the co-citation analysis cluster on WLB in academia. It includes the cluster number and color, labels, number of publications, and representative publications.

Table 3: Co-Citation Clusters on Cryptocurrency Within Conventional Financial Market

1. Citation Analysis

The most crucial hallmarks of cryptocurrency in conventional financial markets are identified through the bibliometric document citation analysis. In total, 9,069 references from 367 articles were extracted from articles related to cryptocurrency in the financial market. Selecting a cut-off of articles having five and more citations, the analysis led to 231 top articles. The top 10 most cited articles are ranked based on the number of citations presented in Table 4, including their title, number of citations, and links strength.

Klein, Pham Thu, and Walther (2018) is the most influential paper with the highest citation (481 citations and 29 links). The article was crucial based on its overview of cryptocurrency (bitcoin) relationship to conventional assets. The findings reveal Bitcoin’s asymmetric response resembles precious metals, but its correlations differ completely from gold, offering no safe-haven or hedging capabilities, making it unique from an econometric perspective compared to conventional assets. Meanwhile, Guesmi, Saadi, Abid, and Ftiti (2019) explore the conditional cross effects and volatility spillovers between Bitcoin and various financial indicators in the market. Taking a short position in the Bitcoin market allows for effective hedging of risk investments across the various financial assets analyzed. Hedging strategies that involve Bitcoin along with gold, oil, and equities considerably reduce overall portfolio risk compared to a portfolio consisting only of gold, oil, and equities. Study by Corbet et al. (2020b) also dive into hedging ability of cryptocurrency focusing on financial market during Covid-19 pandemic.

Table 4: Top 10 Cited Documents

The second most significant article is by Dai and Vasarhelyi  (2017) that primarily discusses how blockchain could enable a real-time, verifiable, and transparent accounting ecosystem. Dai and Vasarhelyi  (2017) suggested that blockchain has the potential to transform current auditing practices, resulting in a more precise and timely automatic assurance system. The subject of predicting price movement of cryptocurrency has been raised as a critical concern in cryptocurrency market.

Altan, Karasu, and Bekiros (2019) conduct a comprehensive study to understand cryptocurrency predictability by using several major cryptocurrencies like Bitcoin, Ripple, Dash, and Litecoin to evaluate their predictability. This study found the synergistic combination of decomposition, deep learning, and meta-heuristic optimization in the proposed EWT-LSTM-CS framework significantly improves cryptocurrency price forecasting capability compared to conventional single models. Kraaijeveld and De Smedt (2020) add the element of public sentiment in Twittter to predict cryptocurrency price movements. The study establishes that public sentiment from Twitter can indeed forecast price movements for some of the largest cryptocurrencies, while also uncovering the existence of bot accounts potentially aiming to manipulate sentiments in this domain.

Meanwhile, Hayes (2017) focuses on identifying the likely determinants that influence the value formation of cryptocurrencies, with a focus on Bitcoin. The motivation stems from Bitcoin’s growing popularity, merchant acceptance, and the developing marketplace recognizing cryptocurrencies as an emerging asset class. This study provides an economics-based framework to value cryptocurrencies, especially Bitcoin, by modeling their costs of production as the primary determinant, paving the way for their establishment as legitimate financial assets. There also other studies that focus on different aspect of cryptocurrency in the financial markets such as the volatility connectedness of returns series (Le, Abakah & Tiwari, 2021), the acceptance of cryptocurrencies among customers (Albayati, Kim & Rho, 2020), and the information interdependence among various commodities including cryptocurrencies (Ji et al., 2019). These are useful for future researchers as these studies provide clear foundation related to cryptocurrencies in conventional financial markets.

A. Co-occurance analysis

The keyword co-occurrence analysis was based on author keyword analysis. The threshold of at least six occurrences was set. From the 1,835 keywords, 76 keywords were processed. Keywords with higher frequency are a statement of popularity in cryptocurrency within financial markets. The highest word occurrence was cryptocurrency (177, TLS = 619), followed by bitcoin (118, TLS =416) and financial markets (89, TLS = 428). Table 5 present the top 10 highest frequencies of the co-occurrence of keyword analysis.

Table 5: Top 10 Keywords in the Co-Occurrence of Keywords Analysis

The network structure of the co-word analysis shows compact and closely connected clusters. The five clusters intersect, commending potential future trends within

Fig. 2 Co-occurance analysis on cryptocurrency within conventional financial market

Cluster 1 (red) consists of 23 keywords. This cluster represents the theme “Analysing cryptocurrency in financial market “. The main keywords are analysing, forecasting, and machine learning. These keywords are relatable in the context of analysing cryptocurrency in all aspects of the financial market. There are lot of analyses and learning mechinnes used to understand the existance of cryptocurrency within financial market. All these analyses are important since there still many other aspects of crypto markets remain unexplored (Qureshi et al., 2020).

Cluster 2 (green) present 21 keywords. It is labelled as “cryptocurrency and commodities.” Representative keywords include cryptocurrency, stock market, gold, crude oil and portfolio diversification. This cluster is related to the use cryptocurrency and commodities in the conventional financial market. Cryptocurrency and commodities expected give some opportunities for investors to manage their risk as it could provide safe haven for investors. However, the ability of cryptocurrency to hedge risk and provide safe haven for investment remain unclear and there still gap in this area of study (Klein et al., 2018;  Guesmi et al.,2019).

Cluster 3 (blue) comprises 14 keywords with financial market, currency market, market efficiency, financial system and asset pricing. This cluster is labelled as “cryptocurrency market and financial market.” The relationship between cryptocurrency market and conventional financial markethas become a prevalent topic as cryptocurrency has unique market structure compared to conventional financial market. The announcement  of  central bank digital currency (CBDC) shocks both cryptocurrency market and financial market especially during the COVID-19 pandemic (Helmi, Catik & Akdenis, 2022).

Cluster 4 (yellow) with 11 keywords dealt with “volatility”. The main identified keywords are volatility spillover, price volatility, garch,and spillover effect. The terms used can vary (volatility, spillover, price movement), but this cluster’s common theme is focusing on cryptocurrency and market price volatility and how it affect each other (Katsiampa, 2017). This theme provides understanding on the factors such as market factors and economic factors that give effect toward cryptocurrecnies and conventional financial commodities price’s volatility and it spillover effect.

Cluster 5 (purple) consists of 7 keywords is labelled as “blockchain and digital money”. The related keywords are blockchain, bitcoin, ethereum, and digital money. The increase in cryptocurrency popularity especially bitcoin, lead to the introduction of many digital currencies that based on blockchain system. These include the introduction of digital currency such as ethereum, ripple, and dogecoin that basically based on blockchain technology and traded among trader within the cryptocurrecny market (Ji et al., 2019).

A summary of the co-occurance analysis is presented in table 6, comprising cluster number and colour, cluster labels, number of keywords, and representative keywords.

Table 6: Summary of Co-Occurance Analysis on Cryptocurrency Within Conventional Financial Market

IMPLICATIONS

A. Theoretical Implications

The co-citation analysis identified five major research clusters that provide a comprehensive theoretical overview of the key topics studied in relation to cryptocurrencies and conventional financial markets. These clusters focused on hedging and risk management, Bitcoin, price volatility, theories on cryptocurrency, and prediction/ speculation/ manipulation (Zupic and Carter, 2015). By mapping these intellectual structures, researchers gain clarity on existing theoretical foundations and potential areas for further conceptual development.

Furthermore, the citation analysis highlighted the most influential papers that have shaped the theoretical underpinnings of this field. Studies exploring cryptocurrency’s relationship to conventional assets (Klein et al., 2018), blockchain accounting (Dai and Vasarhelyi, 2017), hedging and portfolio diversification (Guesmi et al., 2019), price forecasting models (Altan et al., 2019), and the effects of the COVID-19 pandemic (Corbet et al., 2020b) have made significant theoretical contributions. These seminal works offer a solid theoretical grounding for future research inquiries. Moreover, the co-occurrence analysis provided insights into potential future theoretical directions by revealing emerging research trends (Fauzi, 2022). These include analyzing cryptocurrencies, studying cryptocurrencies in conjunction with commodities, comparing cryptocurrency markets with financial markets, investigating volatility dynamics (Katsiampa, 2017), and exploring blockchain and digital money concepts. These clusters outline promising theoretical avenues that can drive the field forward.

B. Managerial Implications

The findings of this bibliometric analysis offer valuable managerial implications across several domains. The integration of cryptocurrencies into conventional financial markets presents unique challenges and opportunities. Managers must recognize that cryptocurrencies, while offering diversification benefits, also introduce significant volatility. As highlighted by Baur et al. (2018), cryptocurrencies exhibit low correlations with traditional assets, which can enhance portfolio diversification. However, their high volatility necessitates robust risk management strategies to mitigate potential adverse impacts on overall portfolio performance. Therefore, financial managers should develop comprehensive frameworks that incorporate cryptocurrency risk assessments alongside traditional asset evaluations.

The evolving regulatory landscape surrounding cryptocurrencies is another crucial aspect for managers to consider. As noted in recent studies, including those by Yermack (2017) and Zhang et al. (2024), regulatory frameworks are still in development, and their impacts on market behavior can be profound. Managers must stay informed about regulatory changes and adapt their strategies accordingly to ensure compliance while capitalizing on new market opportunities. This may involve engaging with policymakers to advocate for clearer regulations that foster innovation while protecting market integrity.

Additionally, fintech companies can draw upon the research on blockchain applications in accounting and auditing (Dai and Vasarhelyi, 2017). The study also highlights the need for developing improved forecasting and analysis tools specific to cryptocurrencies (Altan et al., 2019). These findings can guide innovation efforts within the fintech industry to capitalize on the disruptive potential of blockchain technology and cater to the unique demands of cryptocurrency markets.

C. Limitations and Suggestions for Future Works

While the bibliometric analysis provided a comprehensive overview, it is important to acknowledge its limitations. One significant limitation is the scope of the literature included in the analysis. The study primarily focused on articles indexed in the Scopus database, which, while extensive, may not encompass all relevant research on the topic. There are numerous other databases, such as Web of Science and Google Scholar, that may contain valuable studies that were not captured in this review. To overcome this limitation, future research could expand the literature search to include multiple databases, ensuring a more comprehensive collection of relevant studies on cryptocurrency. Additionally, incorporating grey literature, such as working papers and conference proceedings, could provide further insights into emerging trends and ongoing research in the field.

Furthermore, as the cryptocurrency landscape continues to evolve rapidly, future studies should investigate the role of factors such as regulatory changes, institutional investment, and technological developments on cryptocurrency markets (Shen et al., 2019). These elements are likely to shape the trajectory of this field significantly, warranting in-depth examination. Moreover, given the interdisciplinary nature of cryptocurrency research, future works could adopt a more collaborative and cross-disciplinary approach (Klein et al., 2018). Involving experts from fields such as economics, finance, computer science, and public policy could yield richer theoretical and practical contributions.

CONCLUSION

The bibliometric analysis provided a comprehensive overview of the intellectual structure and research trends related to cryptocurrencies in conventional financial markets. The primary aim of this research was to provide a comprehensive understanding of the academic landscape surrounding the integration of cryptocurrencies into traditional financial markets by employing three analytical frameworks: co-citation analysis, bibliographic coupling analysis, and co-word analysis.

The bibliometric analysis revealed a significant increase in academic interest in the intersection of cryptocurrencies and conventional financial markets, with over 2,000 peer-reviewed papers published in 2023 alone. This growth underscores the urgency for scholars and practitioners to understand the implications of digital assets on traditional financial systems. The co-citation analysis identified key publications that have shaped the discourse, highlighting influential authors and seminal works that provide foundational knowledge in this field. Notably, studies by Baur et al. (2018) and Cheah and Fry (2015) emerged as pivotal contributions, addressing the volatility and speculative nature of cryptocurrencies, which are critical for understanding their role in investment strategies.

The bibliographic coupling analysis further elucidated the current knowledge structure, revealing clusters of research focused on regulatory impacts, market volatility, and the potential of cryptocurrencies as diversification tools. This analysis indicates that while cryptocurrencies offer opportunities for portfolio diversification, their inherent volatility poses risks that must be managed carefully. The findings align with previous research indicating that cryptocurrencies can behave differently under varying market conditions, particularly during periods of economic stress, as shown by Quoc Nguyen (2021).

The co-word analysis provided insights into emerging trends within the literature, indicating a growing focus on regulatory frameworks and the implications of blockchain technology in corporate governance. This suggests that future research should not only continue to explore the financial implications of cryptocurrencies but also delve into the technological and regulatory dimensions that shape their integration into conventional markets.

In conclusion, this bibliometric review successfully addresses the research objectives by mapping the academic landscape of cryptocurrency and conventional market interactions. By identifying key themes, influential publications, and emerging trends, the study contributes to a deeper understanding of how digital currencies are reshaping traditional financial systems. As cryptocurrencies continue to gain prominence in the global financial landscape, ongoing scholarly inquiry will be essential for navigating the complexities of this evolving field. The insights gleaned from this review not only inform academic discourse but also provide valuable guidance for practitioners seeking to adapt to the rapidly changing financial environment brought about by the rise of digital assets.

ACKNOWLEDGEMENT

We would like to extend our heartfelt gratitude to the numerous researchers and scholars whose work has significantly contributed to the understanding of cryptocurrencies as a social phenomenon. Special thanks go to those who have provided invaluable data and insights through their bibliometric analyses and systematic reviews, which have been essential for exploring the trends and societal implications of crowdfunding. Your dedication to advancing knowledge in this field is deeply appreciated.

We also wish to acknowledge Universiti Teknologi Mara Kedah for their support and resources that have facilitated this research. The institutional support, including access to academic databases and research facilities, has been instrumental in carrying out this comprehensive bibliometric exploration.

Additionally, we acknowledge the support from various crowdfunding platforms and stakeholders whose practical experiences and case studies have enriched our research.

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