Impact of COVID-19 effective reproductive rate on cryptocurrency

Financial Innovation

Table 1 CC return price models are explained by the variation in the effective reproductive rate

	COVID World		COVID North America		COVID Europe		COVID Asia
Crypto	Coef	p-value	Coef	p-value	Coef	p-value	Coef	p-value
BTC	0.0050	0.8756	0.0123	0.7551	− 0.0134	0.6931	− 0.0227	0.4125
ETH	− 0.0428	0.1450	0.0234	0.6519	− 0.0857	0.0646	− 0.0227	0.4777
USDT	− 0.0009	0.0013	− 0.0016	0.0001	− 0.0007	0.1679	− 0.0002	0.6771
XRP	0.0291	0.2038	0.0426	0.1936	− 0.0100	0.8094	0.0405	0.0428
LTC	− 0.0294	0.5171	0.0483	0.3216	− 0.0220	0.6774	− 0.0579	0.1168
BCH	0.0014	0.9821	− 0.0498	0.2610	0.0011	0.9836	0.0656	0.0021
ADA	− 0.0292	0.5641	0.0009	0.9876	− 0.1008	0.1084	− 0.0428	0.3679
BNB	− 0.0205	0.4438	− 0.0207	0.7234	0.0516	0.2878	− 0.0498	0.0402

The control variables used for Eq. 2 (COVID-19 cases worldwide) and Eq. 3 (COVID cases in North America, Europe, and Asia) are CC price return autoregressive terms, DJIA returns lagged, GOLD variations lagged, EURUSD variations lagged, and VIX variations lagged. The bold numbers are coefficients significant at the 5% level. All other parameters of the models are presented in Tables 7 and 8