Impact of the Russia-Ukraine War on Market Efficiency of Cryptocurrencies and G-20 Countries:
Journal: BASE - Revista de Administração e Contabilidade da Unisinos
Year: 2026

The purpose of this research is to analyze the efficiency behavior of emerging, developed and cryptocurrency markets before and after the invasion of Ukraine. In methodological terms, a study was made of the multifractal properties and entropy of the series of returns in a 5-minute frequency from 02/14/2022 to 03/31/2022 of market indices of the G-20 countries and the 10 largest cryptocurrencies by market capitalization. It was possible to verify an increase in the degree of randomness of the se