We examine jump, positive-jump, negative-jump, and co-jump behaviors in brown (energy-intensive) and green (energy-efficient) cryptocurrency markets. We further investigate how the newly proposed energy-related uncertainty index (EUI) correlates with jumps and co-jumps of these two types of cryptocurrencies. Our results show that jumps have decreased in recent years, signaling an improvement in market efficiency. Brown cryptocurrencies are more likely to jump than green cryptocurrencies, especially in negative jumps. When more than two cryptocurrencies experienced jumps concurrently, most co-jumps were in a negative direction (80%), with a large proportion being contributed by brown cryptocurrencies (61.7%). Finally, the higher the level of EUI, the higher (lower) the likelihood of a positive (negative) jump in brown (green) cryptocurrencies; however, co-jumps' likelihood is positively correlated with EUI for only brown cryptocurrencies. These results provide crucial insights into revealing jump dynamics, guiding tail risk, and linking energy-related uncertainty to jump behavior in brown and green cryptocurrency markets.

中文翻译：

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棕色和绿色加密货币的发散跳跃特征：能源相关不确定性的作用


我们研究了棕色（能源密集型）和绿色（节能）加密货币市场的跳跃、正跳跃、负跳跃和协同跳跃行为。我们进一步研究了新提出的能源相关不确定性指数 （EUI） 如何与这两种类型的加密货币的跳跃和共同跳跃相关联。我们的结果表明，近年来跳跃有所减少，表明市场效率有所提高。棕色加密货币比绿色加密货币更有可能上涨，尤其是在负上涨时。当两种以上的加密货币同时出现上涨时，大多数共同上涨是负向的 （80%），其中很大一部分是由棕色加密货币贡献的 （61.7%）。最后，EUI 水平越高，棕色（绿色）加密货币出现正（负）上涨的可能性就越高（越低）;然而，仅棕色加密货币的 co-jumps 可能性与 EUI 呈正相关。这些结果为揭示跳跃动态、引导尾部风险以及将能源相关不确定性与棕色和绿色加密货币市场的跳跃行为联系起来提供了重要的见解。