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<p>This aim of the research is centred on the topic of the resilience of green and non-green cryptocurrencies during major systemic shocks: COVID-19, the Russia–Ukraine conflict, and the Israel–Gaza war, as platforms for digital innovation diffusion rather than speculative assets. This study conceptualizes cryptocurrencies as technology-bearing digital infrastructures and analyse the framework of sustainable and non-sustainable blockchain architectures function as channels of technology transfer during systemic crises. Using data covering the COVID-19 pandemic, the Russia–Ukraine war, and the Israel–Gaza conflict, the analysis applies Markov regime-switching models and spillover indices to assess volatility regimes, cross-market interconnectedness, and technological resilience. The findings indicate that volatility spillovers between cryptocurrencies and sustainability-linked financial instruments green bonds, carbon indices, and climate-focused ETFs intensify during crises and highlight the emerging hybrid transfer pathways, where digital financial technologies increasingly co-evolve with environmental and energy-related innovations and blockchain systems based on energy-efficient architectures demonstrate greater stability and stronger integration with sustainability-linked financial instruments during periods of disruption.</p>

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Volatility, spillovers, and market resilience in sustainable crypto ecosystems under the systemic stress of the twin transition and geopolitical conflicts

  • 期刊论文

  • 发表日期：

    2026年3月10日

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  • Daniel Ştefan Armeanu,
  • Jean Vasile Andrei,
  • Ştefan Cristian Gherghina,
  • Camelia Cătălina Joldeş

摘要

This aim of the research is centred on the topic of the resilience of green and non-green cryptocurrencies during major systemic shocks: COVID-19, the Russia–Ukraine conflict, and the Israel–Gaza war, as platforms for digital innovation diffusion rather than speculative assets. This study conceptualizes cryptocurrencies as technology-bearing digital infrastructures and analyse the framework of sustainable and non-sustainable blockchain architectures function as channels of technology transfer during systemic crises. Using data covering the COVID-19 pandemic, the Russia–Ukraine war, and the Israel–Gaza conflict, the analysis applies Markov regime-switching models and spillover indices to assess volatility regimes, cross-market interconnectedness, and technological resilience. The findings indicate that volatility spillovers between cryptocurrencies and sustainability-linked financial instruments green bonds, carbon indices, and climate-focused ETFs intensify during crises and highlight the emerging hybrid transfer pathways, where digital financial technologies increasingly co-evolve with environmental and energy-related innovations and blockchain systems based on energy-efficient architectures demonstrate greater stability and stronger integration with sustainability-linked financial instruments during periods of disruption.