Clean cryptocurrency and green assets: a quantile connectedness approach

Cryptocurrencies are popular investment tools nowadays. Recently, with requirements for environmental friendliness, green cryptocurrencies emerged, providing market participants with new sustainable options. The interrelatedness between cryptocurrencies and green financial assets should be comprehensively examined. This article examines spillover effects among major cryptocurrencies, green cryptocurrencies, and green financial assets, based on the latest quantile connectivity framework. Cryptocurrencies are verified as net spillers generally, while green assets are net receivers. Connectedness is stronger in extreme market conditions and is obviously affected by the COVID-19 pandemic and the Russia-Ukraine War. Additionally, heterogeneity of green cryptocurrencies is evident, with net spillover direction varying over time and market conditions. The research has reference value for investors, policymakers, regulators, and environmentalists.