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Financial Innovation

Table 3 Correlation matrices

From: The linkage between Bitcoin and foreign exchanges in developed and emerging markets

 

Panel A: G7 basket

 

BTC

CAD

EUR

GBP

JPY

BTC

1.0000

    

CAD

0.0416**

1.0000

   

EUR

0.0486***

0.3933***

1.0000

  

GBP

0.0328*

0.1073***

0.1265***

1.0000

 

JPY

0.0337**

0.1194***

0.4185***

0.0547***

1.0000

 

Panel B: BRICS basket

 

BTC

BRL

RUB

INR

CNH

ZAR

BTC

1.0000

     

BRL

0.0197

1.0000

    

RUB

0.0305*

0.0150

1.0000

   

INR

0.0255

0.2156***

0.0522***

1.0000

  

CNH

0.0715***

0.0497***

0.1262***

0.0203

1.0000

 

ZAR

0.0141

− 0.0148

0.2049***

− 0.0304*

0.2842***

1.0000

  1. This table reports the Pearson’s linear correlation matrices between Bitcoin and G7 basket returns (Panel A), and between Bitcoin and BRICS basket returns (panel B) from April 28, 2013 to September 10, 2022
  2. *** Significantly different from zero at the 1% significance level
  3. ** Significantly different from zero at the 5% significance level
  4. * Significantly different from zero at the 10% significance level
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