Conceptual Framework

—The purpose of the current paper is to propose new conceptual framework of oil price fluctuation on cryptocurrencies, the study analyze previous literature to evaluate the impact of energy prices and Cryptocurrencies return. The study suggest that analysis should extract the spam to conclude the period before, during and after corona pandemic. While suggestion to conduct weekly analysis to provide highly query and reliability of results. According to huge number of cryptocurrencies exploded onto the scene and has grown at an ever-increasing rate, the study propose to adopt only highest four crypto capital in 2023.Analyzes the daily returns of highly capital cryptocurrencies which are Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC), and their correlations with crude oil (COR), Brent crude (BCR), and natural gas (NGR). The data is analyzed using cointegration tests, ARDL methodology, bounds test, and E-views software to check the relationships between independent and dependent variables. The study aims to identify evidence of a long-term relationship between the variables and estimate the relationship in the short and long term.


I. INTRODUCTION
During global pandemic COVID-19has expedited the process of digital transformation, resulting in the advancement of digital skills and competencies across borders [1].The decentralized virtual currency known as cryptocurrencies has garnered interest because of its extreme volatility and capacity to influence the price of gold, stocks, and oil [2].Cryptocurrencies, a new form of money and investment, have gained popularity due to their high return fluctuations [3].Cryptocurrencies are decentralized virtual currencies with a high return fluctuation, they verify transactions and create new units using blockchain technology, users may swap their cryptocurrencies for other assets and use them to pay for products and services the first and most well-known cryptocurrency, Bitcoin, achieved an incredible return of more than 1000% in 2017 [4].Cryptocurrencies and blockchain have become more common, the blockchain system is revolutionary and not based on a nation's economy or resources despite its widespread use [5].Since cryptocurrencies need electricity to be mined, they are also related to the energy market [6].The price dynamics of cryptocurrencies are also significantly impacted by global energy prices, which are impacted by mining equipment [7].The cryptocurrency system involves various parties, including users, miners, exchanges, trading platforms, wallet providers, coin inventors, and offers [8].Users acquire virtual currencies for buying goods, making payments, or investment [9].
Miners confirm transactions, exchanges offer services, and platforms enable real-money purchases and wallet providers store and trade virtual currencies,coin offerors fund currency creation or popularity [10].It is not always evident or expected how oil prices and encrypted currencies relate to one another, though.A full understanding of the market is necessary to make well-informed investment decisions, since different factors, including technological breakthroughs, regulatory changes, and market morale, can affect market performance [11].This study consists weekly returns of the main highly capital cryptocurrencies.The selected cryptocurrencies are Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC).In terms of oil prices, they are Crude Oil (CO), Brent Crude (BC), and Natural Gas (NG).High-precision digital technologies, such as cryptocurrencies, are driving the fourth industrial revolution, which is reshaping organizations and sectors by making cross-border transactions faster, cheaper, and more secure [12].Due to a number of variables, including the state of the economy, world politics, investor mood, and the unique features of each cryptocurrency, it may be difficult to assess how changes in the price of oil will affect cryptocurrency profit [13].The biggest cryptocurrency in the world, Bitcoin, needs a lot of processing power to mine transactions and uses more electricity annually than the people of Argentina use.Mining uses more computer resources than whole nations do, and its energy use contributes to both climate change and air pollution worldwide.Although several cryptocurrencies may not need mining, it is doubtful that Bitcoin's consensus mechanism will alter.Few thorough studies have been done on the effects of oil price fluctuations on the return of cryptocurrencies, leading to the main question: Does oil price fluctuation impact cryptocurrency returns.

II. LITERATURE REVIEW
Research on oil price fluctuations and cryptocurrency returns during COVID-19 reveals there is strong correlation between returns anddemand shocks, particularly during economic upheaval [14].The impact of COVID-19 virus on geopolitical risks, stock market fluctuations, global risk, and uncertainty surrounding economic policy is revealed by cryptocurrency research, offering investors and asset manager's critical advice [15].Cryptocurrencies can potentially protect oil investments during the COVID-19 pandemic, but stablecoins do not reduce investment fluctuations [16].Cryptocurrencies offer diversification benefits and are considered hedges for investors before the coronavirus crisis.The coronavirus contagion increased conditional correlations betweencryptocurrencies, stock indexes, and oil [17].The dramatic increase in cross-correlation after 2020, but decreased uncertainty and complexity, indicating successful Chinese Government interventions [18].The nonlinear correlationbetween cryptocurrency values and oil returns in regular markets reveals a positive association between oil returns andcryptocurrencies, but under all other circumstances, it is a negative correlation strategist and investors should diversify or hedge their risks [19].This investigates the impact of COVID-19 on market interdependence in the West Texas Intermediate crude oil market and digital assetmarketplace, it that the pandemic alters interdependencies structure, with digital gold performing better than stablecoin [20].even though cryptocurrencies consider high sensitive to to shocks and economic diversifiers, with strong relationships with bitcoin, particularly during economic policy and political crises [21] Bitcoin connectedness of the system, with natural gas and crude oil being net shock transmitters [22].
Correlation between crude oil prices and cryptocurrency fluctuations volatility effect crude oil to Bitcoin Cash and a bidirectional spillover between crude oil and Vendor, Ethereum, XRP, and ReddCoin have indirect significant volatility spillovers to crude oil markets [23].The relation of bitcoin and gold, also crude oil and gold from 2017 to 2019, focusing on their hedging properties and mining similarities, volatility connectedness is higher than return connectedness, with medium frequency driven by volatilities and high frequency for returns [24].History of Bitcoin and other cryptocurrencies, Cryptocurrency markets offer both opportunities for traders, ratings of exchanges are based on security, number of currencies [25] [45].Analyzes moment effect among crude oil, gold, and Bitcoin markets using frequency data predictability and suggests joint modeling to avoid inaccurate risk assessment and investment inferences [26] [46].
Positive interdependence between Bitcoin and commodity price returns is shown by the frequency of co-movements and asymmetric dependencies between BTC, gold, Brent crude oil, and the US economic policy uncertainty (EPU), while a negative dependence exists between BTC and EPU index,Co-movements are more pronounced during crises [27] [47].The impact of transaction volume, asset price, and market capitalization on cryptocurrency returns, these factors negatively affect bitcoin returns [28].The how oil prices affect Bitcoin's volatility, finding that rising prices increase Bitcoin production costs, lower returns, and outperform the random walk model, leading to better predictions and increased economic success [29].The cryptocurrency market herding during the COVID-19 outbreak using quantitative approaches to analyze USD, EUR, JPY, and KRW, that COVID-19 does not exacerbate herding in cryptocurrency markets, regardless of market fluctuations [30].The Twitter-based economic uncertainty (TEU) to examine crosscorrelation patterns between TEU and four popular cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Ripple, multifractal, power-law behavior, persistent cross-correlation, and strong linkage between TEU and cryptocurrencies, impacting policymakers, investors, and participants [31].Bitcoin's asymmetric sheltering role compared to gold during the COVID-19 pandemic, Bitcoin's safe haven role and its strength as the pandemic intensifies gold act as a weakened diversifier, and both perform weak hedges for oil portfolios suggest that the interpretation of these roles is biased without considering market conditions and pandemic severity [32].The crypto market's safety during the COVID-19 pandamic, focusing on oil and gild as diversifiers using a global composite index, it found no significant direct influence on the crypto market during the first wave [33].The safe-haven properties of cryptocurrencies during Covid-19 using wavelet coherence framework, Long-term investors can invest in cryptocurrency to hedge risks [34].The Markov-switching GARCH (MS GARCH) models to analyze Bitcoin log-returns volatility dynamics and compares them to conventional single-regime GARCH specifications,GARCH process regime changes and MS GARCH models outperform single-regime assumptions in VaR prediction spans and times [35].Correlation between cryptocurrencies like Bitcoin, Ethereum, and Ripple and crude oils like West Texas Intermediate and Brent found significant cross-correlations between time series, with Ethereum and Ripple showing the strongest multifractality, followed by WTI crude oil and Ethereum [36].The COVID-19 pandemic has disrupted business and economic growth, affecting cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, and Litecoin [20].The impact on market prices using Romano-Wolf multiple hypotheses, revealing increased prices for Litecoin, Bitcoin, Ethereum, and Bitcoin Cash [37].
This price-volatility nexus in cryptocurrency markets using fractal analysis shows that asymmetric cross-correlations are stronger in downtrend markets for maturing BTC and ETH, while inverted reactions are present for XRP and LTC [38].Due to the price explosiveness in cryptocurrency markets, when analyzing Bitcoin, XRP, Ether, and Litecoin prices in US dollars and Bitcoin, caution is advised due to an insufficient understanding of cryptocurrencies' fundamental value [39].Five cryptocurrencies has been adopted (Bitcoin, Bitcoin Cash, Ethereum, Ripple XRP, and Litecointo) to find the impacted on on four energy markets from 2016-2021revealed a poor and low time-varying relationship between the energy markets and cryptocurrencies., providing valuable insights for investors, academia, and policymakers [40].Dynamic conditional correlations and hedging strategies in major cryptocurrency markets, finding significant positive correlations, recommend holding less BTC, holding long BTC and short LTC, and using optimally weighted diversified portfolios for ETH and LTC [41].oil market shocks impacts on volatility of cryptocurrencies in long-term, including Bitcoin, Ethereum, and XRP.It finds that OSS, OADS, OSDS, and oil demand shocks have positive and negative effects on cryptocurrencies' volatility, the potential of cryptocurrencies as a hedge in uncertain economic circumstances [42].
The role of cryptocurrencies Bitcoin, Ripple, and Ethereum as safe havens during the COVID-19 pandemic, that monitored cryptocurrencies can act as safe assets, with Ethereum being the strongest safe haven, the pandemic highlights the importance of new coins like Ethereum in overcoming traditional cryptocurrencies [43].The correlation between cryptocurrencies like Bitcoin, Ethereum, and Ripple and COVID-19 cases, aiming to determine if cryptocurrencies can act as a hedge against the pandemic's uncertainty the show a positive relationship [44].The compares the vulnerability of cryptocurrencies to COVID-19 crises using Bayesian structural vector autoregression and major stock markets indices found that Bitcoin, Ethereum, and Litecoin experienced significant losses in the early days of the pandemic, but recovered by April 2020,This contrasts with S&P 500, FTSE 100, and SSE Composite values, which were vulnerable to panic [45].
Additionally, our research points to the followinghypothesis: H01:There is significant impact of oil price fluctuations (Crude Oil, Brent Crude and Natural Gas) on the Bitcoin Return.H02:There is significant impact of oil price fluctuations (Crude Oil, Brent Crude and Natural Gas) on the Ethereum Return.H03:There is significant impact of oil price fluctuations (Crude Oil, Brent Crude and Natural Gas) on the Ripple Return.H04:There is significant impact of oil price fluctuations (Crude Oil, Brent Crude and Natural Gas) on the Litecoin Return.
According to the previous impact of oil price fluctuation on cryptocurrencies, return.Ourstudy suggest thefollowingframework Fig. 1

.Oil Price Fluctuation on Cryptocurrencies Return
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III. CONCLUSIONS
From previous impact of oil price fluctuations on cryptocurrency returns,.The price dynamics of cryptocurrencies are significantly impacted by global energy prices,which are influenced by mining equipment.This study examines the weekly returns of major cryptocurrencies by market cap, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC).Oil prices are Crude Oil (CO), Brent Crude (BC), and Natural gas (NG).Highprecision digital technologies, such as cryptocurrencies, are driving the fourth industrial revolution, making cross-border transactions faster, cheaper, and more secure.The study suggests that oil price fluctuations significantly impact Bitcoin returns, Ethereum returns, Ripple returns, and Litecoin returns.To the previous impact of oil price fluctuations on cryptocurrency returns.The price dynamics of cryptocurrencies are significantly impacted by global energy prices, which are influenced by mining equipment.This study examines the weekly returns of major cryptocurrencies by market cap, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC).Oil prices are Crude Oil (CO), Brent Crude (BC), and Natural gas (NG).precision digital technologies, such as cryptocurrencies, are driving the fourth industrial revolution, making cross-border transactions faster, cheaper, and more secure.The study suggests that oil price fluctuations significantly affect Bitcoin returns, Ethereum returns, Ripple returns, and Litecoin returns.Natural Gas (NG).

III. ACKNOWLEDGMENT
The study is supported by 2nd International Conference on Cyber Resihence (ICCR2024) which is jointly organized by Skyline University College, University Kembangan Malaysia in technical collaboration with IEEE UAE Section.