Impact of COVID-19 effective reproductive rate on cryptocurrency

Financial Innovation

Table 4 CC price return strength 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	0.0049	0.3629	− 0.0067	0.2751	0.0151	0.1215	0.0055	0.3292
ETH	− 0.0082	0.0110	− 0.0195	0.0206	0.0502	0.0000	− 0.0090	0.0190
USDT	− 0.0003	0.0001	− 0.0001	0.3389	− 0.0001	0.3046	− 0.0006	0.0000
XRP	0.0120	0.4094	0.0661	0.0000	− 0.0559	0.0005	− 0.0205	0.0000
LTC	0.0089	0.5401	0.0079	0.5189	0.0148	0.1583	− 0.0072	0.6665
BCH	0.0249	0.0000	0.0154	0.0051	− 0.0276	0.0002	0.0277	0.0000
ADA	0.0135	0.6710	0.0150	0.5561	0.0110	0.7534	0.0106	0.6879
BNB	0.0036	0.6058	− 0.0419	0.0000	0.0173	0.1845	0.0146	0.0341

The control variables used include CC price return autoregressive terms, DJIA returns lagged, GOLD variations lagged, EURUSD variations lagged, and VIX variations lagged. The bold numbers represent coefficients significant at the 5% level. All other parameters of the models are presented in Tables 13 and 14