Impact of COVID-19 effective reproductive rate on cryptocurrency

Financial Innovation

Table 2 CC daily trading volume variations 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	0.0391	0.5906	− 0.0364	0.8426	0.1644	0.4363	0.0000	0.9997
ETH	− 0.0210	0.7780	− 0.1250	0.4791	0.1281	0.4919	− 0.0447	0.7064
USDT	0.1314	0.2610	− 0.2132	0.2008	0.3209	0.1035	0.1190	0.3707
XRP	0.1307	0.3244	− 0.0749	0.7629	0.2500	0.3513	0.1691	0.0006
LTC	− 0.0454	0.6804	− 0.1338	0.4267	− 0.0945	0.6068	− 0.0173	0.8841
BCH	0.1625	0.0461	0.7108	0.0006	− 0.0808	0.7944	0.0557	0.5916
ADA	0.1224	0.4437	0.0373	0.9053	0.0116	0.9755	0.0838	0.6057
BNB	0.0273	0.7826	− 0.2095	0.1325	0.1932	0.2955	0.0136	0.8982

The control variables used 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 the other parameters of the models are presented in Tables 9 and 10