Fatores de risco e dinâmicas no mercado de criptomoedas: uma análise bibliométrica com VOSviewer

Abstract

This study comprehensively investigates the risk factors and dynamics within the cryptocurrency market. A mixed-methods approach is adopted, combining bibliometric and content analysis with a qualitative focus. Using the Scopus database and following the PRISMA protocol, a sample of 171 articles ranked at levels 3 and 4 of the ABS (Association of Business Schools) list was selected. With the support of VOSviewer software, the literature was organized into five thematic clusters: fundamentals of cryptocurrencies and digital finance; risk in cryptocurrencies; market analysis and volatility; investment and investor behavior; and systemic risk. The results highlight that the cryptocurrency market is characterized by high volatility, strong interconnection between assets, and sensitivity to macroeconomic and institutional factors, which increases exposure to losses, especially among less experienced investors. At the same time, the study emphasizes the potential of these assets to expand access to financial services and democratize investment opportunities outside the traditional banking system, despite significant information asymmetries and regulatory gaps. This study offers an integrated view of the primary risks associated with crypto-assets, contributing to the improvement of risk management strategies and portfolio allocation, as well as the design of public policies that balance financial inclusion, systemic stability, and the promotion of technological innovation.