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Table 5 Determination of the coefficient of each variable of VECM regressions

From: Bitcoin pricing: impact of attractiveness variables

Variable

Δlnpreçot(1)

Δlnbtct(2)

Δlncrasht(3)

Coef.

Pr(>|t|)

Coef.

Pr(>|t|)

Coef.

Pr(>|t|)

α1

− 0.03*

0.021

0.09***

0.000

− 0.06

0.191

α2

− 0.02

0.483

0.09.

0.061

− 0.60***

0.000

crisis

0.09*

0.043

0.10

0.215

0.15

0.373

Δlnpricet-1

0.34***

0.000

0.92***

0.000

0.96***

0.000

Δlncrasht-1

−0.06**

0.001

− 0.07.

0.064

− 0.19*

0.019

Δlnbtct-1

0.07.

0.061

−0.05

0.475

− 0.01

0.944

constant

0.09**

0.004

−0.27***

0.000

−0.25*

0.050

  1. significance level: ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘’ 1
  2. (1) Adj. R2 = 27.07% (2) Adj. R2 = 20.43% (3) Adj. R2 = 34.18%
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