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Financial Innovation
Fig. 4 | Financial Innovation

Fig. 4

From: Exploring the asymmetric effect of COVID-19 pandemic news on the cryptocurrency market: evidence from nonlinear autoregressive distributed lag approach and frequency domain causality

Fig. 4Fig. 4

Source Authors’ own work. Notes: The horizontal axis shows the period (days) and the vertical axis the multiplier for positive (continuous black line) and negative (dashed black line) changes in VIX, daily number of new reported COVID-19 cases worldwide, each RavenPack coronavirus related indices and the asymmetry plot (dashed red line) with 95% bootstrap confidence interval based on 1000 replications. Variables’ description is provided in Table 4

Asymmetric dynamic multipliers—Models 1–6: impact of positive and negative changes in VIX (a1–a6), daily number of new reported COVID-19 cases worldwide (b1–b6), each RavenPack coronavirus related indices (c1–c6) on daily changes of Bitcoin price.

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