Impact of COVID-19 effective reproductive rate on cryptocurrency

Financial Innovation

Table 5 CCs price return strength models are explained by the absolute value of the variation in 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	0.3477	0.0181	0.0425	− 0.0102	0.4087	− 0.0047	0.3974
ETH	0.0060	0.0259	− 0.0427	0.0006	0.1440	0.0000	0.0054	0.3044
USDT	− 0.0002	0.0013	0.0000	0.8187	0.0008	0.0000	0.0007	0.0000
XRP	− 0.0080	0.5695	− 0.0640	0.0088	− 0.0117	0.6544	− 0.0191	0.2149
LTC	0.0004	0.9763	− 0.0387	0.0033	− 0.0266	0.0377	− 0.0242	0.0034
BCH	0.0226	0.0000	− 0.0142	0.0858	0.0056	0.5967	0.0254	0.0000
ADA	− 0.0414	0.0403	0.0714	0.0000	− 0.0182	0.3069	− 0.0629	0.0000
BNB	− 0.0236	0.0000	0.0178	0.2156	− 0.0108	0.3433	− 0.0329	0.0000

The control variables used in Eq. 5 (COVID cases worldwide) and Eq. 6 (COVID-19 cases in North America, Europe, and Asia) are CCs price returns autoregressive terms, DJIA returns lagged, GOLD variations lagged, EURUSD variations lagged, and VIX variations lagged, according. In bold are the coefficients significant at the 5% level. All the other parameters of the models are presented in Tables 15 and 16