{"id":5413,"date":"2025-12-07T05:24:53","date_gmt":"2025-12-07T05:24:53","guid":{"rendered":"https:\/\/dizainoarkliukas.lt\/?p=5413"},"modified":"2025-12-07T05:24:53","modified_gmt":"2025-12-07T05:24:53","slug":"profesoriaus-moneta-kai-bitkoinas-ciaudeja-kaip-kriptovaliutos-ir-akcijos-persalo","status":"publish","type":"post","link":"https:\/\/dizainoarkliukas.lt\/?p=5413","title":{"rendered":"Profesoriaus moneta: kai bitkoinas \u010diaud\u0117ja \u2013 kaip kriptovaliutos ir akcijos per\u0161alo"},"content":{"rendered":"<p><\/p>\n<div xmlns:default=\"http:\/\/www.w3.org\/2000\/svg\" style=\"position:relative;overflow:visible;font-size:1.2em;line-height:1.58\">\n<div class=\"pt-8 pb-10 border-t border-b border-decryptGridline \">\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Turinys:<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/dizainoarkliukas.lt\/?p=5413\/#Trumpai_tariant\" >Trumpai tariant<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/dizainoarkliukas.lt\/?p=5413\/#Nuo_%E2%80%9Enekoreliuojamo%E2%80%9C_iki_%E2%80%9Etiesiog_dar_vieno_rizikingo_turto%E2%80%9C\" >Nuo \u201enekoreliuojamo\u201c iki \u201etiesiog dar vieno rizikingo turto\u201c<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/dizainoarkliukas.lt\/?p=5413\/#Ka_sako_naujausi_irodymai\" >K\u0105 sako naujausi \u012frodymai<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/dizainoarkliukas.lt\/?p=5413\/#Kodel_technologijos_ir_kriptovaliutos_dabar_juda_kartu\" >Kod\u0117l technologijos ir kriptovaliutos dabar juda kartu<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/dizainoarkliukas.lt\/?p=5413\/#Ka_tai_reiskia_portfeliams_ir_rizikos_valdymui\" >K\u0105 tai rei\u0161kia portfeliams ir rizikos valdymui<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/dizainoarkliukas.lt\/?p=5413\/#Dienos_apzvalga_Naujienlaiskis\" >Dienos ap\u017evalga Naujienlai\u0161kis<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h4 class=\"sc-b2a202e4-4 bNRGqr gg-dark:text-white\" color=\"#333\"><span class=\"ez-toc-section\" id=\"Trumpai_tariant\"><\/span>Trumpai tariant<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Akademin\u0117je literat\u016broje vis da\u017eniau pastebima, kad kriptovaliutos ir akcijos yra glaud\u017eiai tarpusavyje susijusios, ypa\u010d streso laikotarpiais.<\/li>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Tyrimai rodo, kad kriptovaliuta vis da\u017eniau elgiasi kaip auk\u0161t\u0173j\u0173 beta technologij\u0173 sektorius.<\/li>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Formuojasi akademinis sutarimas, kad kriptovaliutos dabar yra tvirtai \u012ftrauktos \u012f pasaulin\u0119 rizikos ekosistem\u0105.<\/li>\n<\/ul>\n<\/div>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><i>Profesorius Andrew Urquhartas<\/i><i>  yra finans\u0173 ir finansini\u0173 technologij\u0173 profesorius ir Birmingamo verslo mokyklos (BBS) Finans\u0173 katedros vadovas.<\/i><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Tai yra de\u0161imtoji rubrikos \u201eProfesorius moneta\u201c dalis, kurioje pateikiau svarbi\u0173 \u012f\u017evalg\u0173 i\u0161 paskelbtos akademin\u0117s literat\u016bros apie <span class=\"sc-5475d909-4 fBeAzA\">kriptovaliutos<\/span> prie <i>I\u0161\u0161ifruoti <\/i>skaitytoj\u0173 auditorija. \u0160iame straipsnyje aptariu, kaip pasikeit\u0117 kriptovaliut\u0173 santykis su akcijomis.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Ne taip seniai, <span class=\"sc-5475d909-4 fBeAzA\">Bitcoin<\/span> buvo parduodamas kaip did\u017eiausias diversifikatorius \u2013 turtas, tariamai apsaugotas nuo to, kas vyksta akcij\u0173 rinkose. Ankstyvasis akademinis darbas tai patvirtino: Liu ir Tsyvinski (2021) parod\u0117, kad pagrindin\u0117s kriptovaliutos buvo minimaliai veikiamos standartini\u0173 akcij\u0173, obligacij\u0173 ir valiut\u0173 keitimo rizikos veiksni\u0173 ir kad j\u0173 gr\u0105\u017e\u0105 daugiausia l\u0117m\u0117 specifin\u0117s kriptovaliutos j\u0117gos, tokios kaip impulsas ir investuotoj\u0173 d\u0117mesys, o ne akcij\u0173 rinkos.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Greitai pasukame \u012f pastaruosius por\u0105 met\u0173, ir ta istorija atrodo visai kitaip. Did\u0117janti literat\u016bra dabar nustato, kad kriptovaliutos ir akcijos yra glaud\u017eiai tarpusavyje susijusios, ypa\u010d streso metu. \u201eFintech\u201c auditorijai pagrindin\u0117 \u017einia yra paprasta: kriptovaliut\u0173 nebegalima laikyti \u201ene tinklelio\u201c rizika. Jis vis labiau elgiasi kaip auk\u0161tosios beta versijos technologij\u0173 sektorius, kurio vir\u0161uje yra bjauri\u0173 uodeg\u0173.<\/p>\n<h2 class=\"sc-b2a202e4-2 bmropA gg-dark:text-white scene:font-itc-avant-garde-gothic-pro scene:font-light\" style=\"margin-top:2em;text-align:left;padding-bottom:16px;margin-bottom:16px;border-bottom:1px solid #dfe2e4\" color=\"#333\"><span class=\"ez-toc-section\" id=\"Nuo_%E2%80%9Enekoreliuojamo%E2%80%9C_iki_%E2%80%9Etiesiog_dar_vieno_rizikingo_turto%E2%80%9C\"><\/span>Nuo \u201enekoreliuojamo\u201c iki \u201etiesiog dar vieno rizikingo turto\u201c<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Neseniai atlikta Adelopo apklausa <i>ir kt <\/i>(2025) ir bendraautoriai ap\u017evelgia \u012frodymus, kaip kriptovaliutos s\u0105veikauja su tradicin\u0117mis finans\u0173 rinkomis. Jie dokumentuoja ai\u0161kius laikui b\u0117gant kintan\u010dius ir nelinijinius ry\u0161ius tarp kriptovaliut\u0173 ir akcij\u0173 rink\u0173, ypa\u010d stiprius ry\u0161ius per didelius makro ir geopolitinius \u012fvykius, tokius kaip COVID-19 arba Rusijos ir Ukrainos karas.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Tyrimai, skirti konkre\u010diai technologijoms ir <span class=\"sc-5475d909-4 fBeAzA\">blockchain<\/span>&#8211; susietos akcijos tai patvirtina. Umaras <i>ir kt<\/i> (2021) nustato stipr\u0173 ry\u0161\u012f tarp kriptovaliut\u0173 rink\u0173 ir technologij\u0173 sektoriaus, o Frankovic (2022) rodo, kad Australijos \u201esu kriptovaliutomis susietos akcijos\u201c patiria didel\u012f kriptovaliut\u0173 kain\u0173 poveik\u012f, ypa\u010d \u012fmon\u0117ms, labiau susijusioms su blok\u0173 grandin\u0117s veikla. Kitaip tariant, listinguojamos akcijos dabar yra kriptovaliut\u0173 rizikos perdavimo kanalas.<\/p>\n<p><iframe loading=\"lazy\" style=\"border:0\" src=\"https:\/\/myriad.markets\/embed\/market\/fear-or-greed\" width=\"100%\" height=\"415px\"><!(CDATA(<span data-mce-type=\"bookmark\" style=\"width:0px;overflow:hidden;line-height:0\" class=\"mce_SELRES_start\">\ufeff<\/span>))><\/iframe><\/p>\n<h2 class=\"sc-b2a202e4-2 bmropA gg-dark:text-white scene:font-itc-avant-garde-gothic-pro scene:font-light\" style=\"margin-top:2em;text-align:left;padding-bottom:16px;margin-bottom:16px;border-bottom:1px solid #dfe2e4\" color=\"#333\"><span class=\"ez-toc-section\" id=\"Ka_sako_naujausi_irodymai\"><\/span>K\u0105 sako naujausi \u012frodymai<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Kai kuriuose naujausiuose dokumentuose nuoroda \u201ekriptovaliuta \u2194 akcija\u201c yra labai ai\u0161ki:<\/p>\n<ul>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><b>Pasaulinis i\u0161siliejimas: <\/b>Vukovi\u0107 (2025) naudoja Bajeso pasaulin\u012f VAR, nor\u0117damas parodyti, kad neigiami kriptovaliut\u0173 rinkos sukr\u0117timai slegia akcij\u0173 rinkas, obligacij\u0173 indeksus, valiut\u0173 kursus ir nepastovumo indeksus daugelyje \u0161ali\u0173 \u2013 ne tik JAV.<\/li>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><b>Akcij\u0173 ir kriptovaliut\u0173 bendras jud\u0117jimas: <\/b>Ghorbel ir bendraautoriai (2024) tiria ry\u0161\u012f tarp pagrindini\u0173 kriptovaliut\u0173, G7 akcij\u0173 indeks\u0173 ir aukso. Jie pasteb\u0117jo, kad kriptovaliutos tapo svarbiomis sukr\u0117tim\u0173 siunt\u0117jomis ir gav\u0117jomis, kurios pastaraisiais metais ir ypa\u010d neramiais laikotarpiais buvo susietos su akcijomis.<\/li>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><b>JAV ir Kinijos akcij\u0173 rinkos:<\/b> Laminas <i>ir kt<\/i> (2024) nagrin\u0117ja JAV\/Kinijos akcij\u0173, kriptovaliut\u0173 ir aukso poveik\u012f. Jie pastebi, kad i\u0161 kriptovaliut\u0173 \u012f \u0161ias vertybini\u0173 popieri\u0173 rinkas atsiranda reik\u0161mingas dinaminis rizikos i\u0161siliejimas, v\u0117lgi sutelktas \u012f didelio nepastovumo epizodus.<\/li>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><b>U\u017ekratas bir\u017eos lygiu:<\/b> Sajejevas <i>ir kt<\/i> (2022) dokumentuoja Bitcoin u\u017ekre\u010diam\u0105j\u012f poveik\u012f pagrindin\u0117se vertybini\u0173 popieri\u0173 bir\u017eose (NSE India, \u0160anchajuje, Londone ir Dow Jones), naudodamas nepastovumo pasiskirstym\u0105 ir koreliacijos analiz\u0119 2017\u20132021 m.<\/li>\n<\/ul>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Tarptautin\u0117s organizacijos pasakoja pana\u0161i\u0105 istorij\u0105. TVF departamento dokumente \u201eSpillovers Between Crypto and Equity Markets\u201c nustatyta, kad Bitcoin sukr\u0117timai gali paai\u0161kinti nereik\u0161ming\u0105 (ma\u017edaug paaugli\u0173 procent\u0173 vidurio) pasaulinio akcij\u0173 svyravim\u0173 dal\u012f ir kad \u0161i \u012ftaka laikui b\u0117gant sustipr\u0117jo, kai brendo institucin\u0117s ir i\u0161vestini\u0173 finansini\u0173 priemoni\u0173 rinkos.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Bendra i\u0161vada: kriptovaliuta dabar yra tvirtai \u012ftraukta \u012f pasaulin\u0119 rizikos ekosistem\u0105.<\/p>\n<h2 class=\"sc-b2a202e4-2 bmropA gg-dark:text-white scene:font-itc-avant-garde-gothic-pro scene:font-light\" style=\"margin-top:2em;text-align:left;padding-bottom:16px;margin-bottom:16px;border-bottom:1px solid #dfe2e4\" color=\"#333\"><span class=\"ez-toc-section\" id=\"Kodel_technologijos_ir_kriptovaliutos_dabar_juda_kartu\"><\/span>Kod\u0117l technologijos ir kriptovaliutos dabar juda kartu<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Kod\u0117l \u201eBitcoin\u201c dabar taip atrodo kaip auk\u0161tosios beta versijos technologij\u0173 akcijos?<\/p>\n<ul>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><b>Trukm\u0117 ir pal\u016bkan\u0173 normos jautrumas: <\/b>Tiek kriptovaliutos, tiek augimo akcijos i\u0161 esm\u0117s yra pretenzijos d\u0117l neai\u0161ki\u0173 ateities pinig\u0173 sraut\u0173 ar tinklo vert\u0117s. Kai kyla realios pal\u016bkan\u0173 normos, nuolaid\u0173 veiksniai sunkiai \u012fkandami \u2013 ir abu sektoriai i\u0161parduoda kartu.<\/li>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><b>Investuotoj\u0173 baz\u0117 ir svertas:<\/b> Ma\u017emenin\u0117 prekyba, impuls\u0173 strategijos ir i\u0161vestin\u0117s finansin\u0117s priemon\u0117s yra pla\u010diai naudojamos abiejose srityse. Tokie produktai kaip ateities sandoriai, pasirinkimo sandoriai ir svertiniai ETF leid\u017eia padidinti sukr\u0117timus vienoje rinkoje ir pakartoti kitoje rinkoje.<\/li>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><b>Institucinio portfelio k\u016brimas: <\/b>Kadangi kriptovaliuta buvo \u012ftraukta \u012f keli\u0173 aktyv\u0173 ir rizikos draudimo fond\u0173 portfelius, jos gr\u0105\u017ea nei\u0161vengiamai susipainioja su tradiciniu kry\u017eminio turto pozicionavimu. Kai l\u0117\u0161os suma\u017eina rizik\u0105, viskas, kas yra \u201erizikingame kibire\u201c, i\u0161nyksta kartu.<\/li>\n<\/ul>\n<h2 class=\"sc-b2a202e4-2 bmropA gg-dark:text-white scene:font-itc-avant-garde-gothic-pro scene:font-light\" style=\"margin-top:2em;text-align:left;padding-bottom:16px;margin-bottom:16px;border-bottom:1px solid #dfe2e4\" color=\"#333\"><span class=\"ez-toc-section\" id=\"Ka_tai_reiskia_portfeliams_ir_rizikos_valdymui\"><\/span>K\u0105 tai rei\u0161kia portfeliams ir rizikos valdymui<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Portfelio k\u016brimo \u017einut\u0117 yra nepatogi, bet ai\u0161ki:<\/p>\n<ul>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Kriptografija pa\u012fvairina ramyb\u0117s periodus \u2013 gerybiniais re\u017eimais koreliacijos vis dar gali b\u016bti nedidel\u0117s.<\/li>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Ta\u010diau streso metu, kai diversifikacija yra vertingiausia, koreliacijos ir i\u0161siliejimas i\u0161auga.<\/li>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Bitcoin ir pagrindiniai altkoinai elgiasi ne taip kaip \u201eskaitmeninis auksas\u201c, o labiau kaip pasaulin\u0117s rizikos nuotaikos svertiniai tarpiniai serveriai.<\/li>\n<\/ul>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Tai nepadaro kriptovaliut\u0173 nenaudinga kaip investicija, ta\u010diau tai rei\u0161kia, kad remiantis duomenimis, 5\u201310% kriptovaliut\u0173 paskirstymo traktuoti kaip \u201enesusijusi\u0105 auk\u0161tesn\u0119 pus\u0119\u201c, neb\u0117ra pateisinama.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">\u017dvelgiant \u012f priek\u012f, vienas atviras klausimas tiek akademikams, tiek praktikams yra tas, ar neatid\u0117liotini ETF ir platesnis institucinis pritaikymas dar labiau sustiprins \u0161iuos ry\u0161ius, ar naujas naudojimo atvejis (pvz., tikras mok\u0117jimas ar atsiskaitymo pri\u0117mimas) gali v\u0117l sukurti daugiau savit\u0173 veiksni\u0173.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Kol kas \u012frodymai rodo viena kryptimi: kai pasaulin\u0117s rinkos su\u0161\u0105la, kriptovaliutos nebeatsileid\u017eia \u2013 ji kos\u0117ja kartu su viskuo.<\/p>\n<p class=\"sc-5a71bf1f-3 fdWwrx gg-dark:text-white scene:font-itc-avant-garde-gothic-pro scene:font-light\" style=\"margin-top:2em;text-align:left\" color=\"#333\" opacity=\"1\">Pasirinktos akademin\u0117s nuorodos<\/p>\n<ul>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Adelopo, I. ir kt. (2025). \u201eKriptovaliut\u0173 ir finans\u0173 rink\u0173 tarpusavio ry\u0161ys: ap\u017evalga\u201c. <i>Finansin\u0117s naujov\u0117s<\/i>.SpringerLink<\/li>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Frankovi\u010dius, J. (2022). \u201eD\u0117l kriptovaliutomis susiet\u0173 akcij\u0173 ir kriptovaliut\u0173 poveikio. <i>Pasaulinis finans\u0173 \u017eurnalas<\/i>54, 100719. https:\/\/doi.org\/10.1016\/j.gfj.2021.100719 ID\u0116JOS\/RePEc<\/li>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Ghorbel, A. ir kt. (2024). \u201eRy\u0161ys tarp kriptovaliut\u0173, aukso ir akcij\u0173 rink\u0173: tinklo metodas\u201c. <i>Europos vadybos ir verslo ekonomikos \u017eurnalas<\/i>33(4), 466\u2013489. Econstor<\/li>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">TVF (2022). Kripto ir akcij\u0173 rink\u0173 i\u0161siliejimas. TVF departamento dokumentas. TVF eLibrary TVF eLibrary+1<\/li>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Lamine, A. ir kt. (2024). \u201eSpillovers tarp kriptovaliut\u0173, aukso ir akcij\u0173 rink\u0173\u201c. <i>Ekonomikos, finans\u0173 ir administravimo mokslo \u017eurnalas<\/i>29(57), 21\u201340. Smaragdas<\/li>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Liu, Y. ir Tsyvinski, A. (2021). \u201eKriptovaliutos rizika ir gr\u0105\u017ea\u201c. <i>Finans\u0173 studij\u0173 ap\u017evalga<\/i>34(6), 2689\u20132727. https:\/\/doi.org\/10.1093\/rfs\/hhaa113 OUP Academic<\/li>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Sajeev, KC ir kt. (2022). \u201eKripto valiutos u\u017ekre\u010diamasis poveikis vertybini\u0173 popieri\u0173 rinkai\u201c. <i>Ekonomikos studij\u0173 \u017eurnalas<\/i>49(7), 1390\u20131410. PubMed Central<\/li>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Umar, Z., Kenourgios, D. ir Papathanasiou, S. (2021). \u201eRy\u0161ys tarp kriptovaliut\u0173 ir technologij\u0173 sektori\u0173: numanom\u0173 nepastovumo indeks\u0173 \u012frodymai. <i>Finans\u0173 tyrim\u0173 lai\u0161kai<\/i>38, 101492. ScienceDirect<\/li>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Vukovi\u0107, DB ir kt. (2025). \u201eSpillovers tarp kriptovaliut\u0173 ir finans\u0173 rink\u0173\u201c. <i>Tarptautini\u0173 pinig\u0173 ir finans\u0173 \u017eurnalas<\/i>150, 102963. ID\u0116JOS \/ REPEc<\/li>\n<\/ul>\n<div class=\"my-4 border-b border-decryptGridline\">\n<div class=\"text-start p-8 md:py-12 md:px-12 max-w-prose relative\"><span class=\"border-t-4 border-l-4 w-4 h-4 md:border-t-(6px) md:border-l-(6px) md:w-6 md:h-6 border-decryptPurple dark:border-decryptNeon gg-dark:border-cc-pink-2 absolute top-4 left-4 md:top-6 md:left-6\"\/><span class=\"border-t-4 border-l-4 w-4 h-4 md:border-t-(6px) md:border-l-(6px) md:w-6 md:h-6 border-decryptPurple dark:border-decryptNeon gg-dark:border-cc-pink-2 absolute rotate-180 bottom-4 right-4 md:bottom-6 md:right-6\"\/><\/p>\n<h3 class=\"font-akzidenz-grotesk font-bold text-xl md:text-3xl md:text-center gg-dark:text-white\"><span class=\"ez-toc-section\" id=\"Dienos_apzvalga_Naujienlaiskis\"><\/span>Dienos ap\u017evalga<!-- --> Naujienlai\u0161kis<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Prad\u0117kite kiekvien\u0105 dien\u0105 nuo populiariausi\u0173 naujien\u0173 dabar ir originali\u0173 funkcij\u0173, tinklalaid\u0117s, vaizdo \u012fra\u0161\u0173 ir kt.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/decrypt.co\/351063\/professor-coin-when-bitcoin-sneezes-how-crypto-and-equities-caught-the-same-cold\"> Nuoroda \u012f informacijos \u0161altin\u012f <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trumpai tariant Akademin\u0117je literat\u016broje vis da\u017eniau pastebima, kad kriptovaliutos ir akcijos yra glaud\u017eiai tarpusavyje susijusios, ypa\u010d streso laikotarpiais. Tyrimai rodo,&hellip;<\/p>\n","protected":false},"author":1,"featured_media":4991,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[278],"tags":[568,7353,8013,483,118,2254,1758,8014,2349],"class_list":["post-5413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-web3","tag-akcijos","tag-bitkoinas","tag-ciaudeja","tag-kai","tag-kaip","tag-kriptovaliutos","tag-moneta","tag-persalo","tag-profesoriaus"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Profesoriaus moneta: kai bitkoinas \u010diaud\u0117ja \u2013 kaip kriptovaliutos ir akcijos per\u0161alo - DizainoArkliukas.LT<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dizainoarkliukas.lt\/?p=5413\" \/>\n<meta property=\"og:locale\" content=\"lt_LT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Profesoriaus moneta: kai bitkoinas \u010diaud\u0117ja \u2013 kaip kriptovaliutos ir akcijos per\u0161alo - DizainoArkliukas.LT\" \/>\n<meta property=\"og:description\" content=\"Trumpai tariant Akademin\u0117je literat\u016broje vis da\u017eniau pastebima, kad kriptovaliutos ir akcijos yra glaud\u017eiai tarpusavyje susijusios, ypa\u010d streso laikotarpiais. 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