Impact of COVID-19 effective reproductive rate on cryptocurrency

Financial Innovation

Table 3 CC variations in daily trading volume models are explained by the absolute variation of 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	− 0.0418	0.7051	0.0780	0.7302	0.0266	0.9095	− 0.0055	0.9352
ETH	0.0277	0.8631	0.0641	0.8043	0.4126	0.0961	− 0.0035	0.9798
USDT	0.0052	0.9560	0.0688	0.7302	0.2672	0.2806	0.0759	0.6071
XRP	− 0.0158	0.8627	− 0.1886	0.4849	0.4200	0.1438	− 0.0119	0.8896
LTC	0.0279	0.8261	0.4040	0.0442	0.0044	0.9846	0.0035	0.9799
BCH	0.2293	0.0036	0.2558	0.4103	− 0.3908	0.2630	0.2417	0.0047
ADA	− 0.1382	0.4324	− 0.1760	0.6642	0.5351	0.2819	− 0.1916	0.2716
BNB	0.0541	0.4489	0.3554	0.1576	0.0092	0.9610	0.0179	0.8703

The control variables used include CC price return autoregressive terms, DJIA returns lagged, GOLD variations lagged, the 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 11 and 12