Akademik Veri Yönetim Sistemi
Digital Finance, cilt.8, sa.32, ss.1-31, 2026 (Scopus)
This study examines the impact of the Federal Reserve’s (FED) verbal communication regarding the cryptocurrency market on the volatility of the cryptocurrencies
with the highest trading volume: Bitcoin (BTC), Ethereum (ETH), Binance Coin
(BNB), Ripple (XRP), Tron (TRX), USD Coin (USDC), and Tether (USDT). The
findings indicate that the tone of the FED’s statements regarding the cryptocurrency
market has a significant but differentiated effect on volatility among cryptocurrencies. Overall, positive FED statements reduce market uncertainty, thereby decreasing
volatility, while negative statements increase risk perception, leading to increased
volatility. Bitcoin was found to have the strongest volatility reduction effect from
positive FED statements, while negative statements increased volatility, particularly
in stablecoins such as USDC and USDT. In contrast, the study concluded that XRP
and TRX remained relatively insensitive to FED communications, and that the volatility dynamics of these assets were determined more by intra-network usage and
project-specific factors. The findings reveal that FED communications did not have
a homogeneous effect on the cryptocurrency market, and that volatility responses
differed depending on the structural characteristics of the cryptocurrencies.