Fig. 1
From: Exploring Bitcoin dynamics against the backdrop of COVID-19: an investigation of major global events
Correlation matrices, nine asset classes. Note: This figure shows the unconditional correlation matrices of the variables. Panel A shows the correlation of nine assets before COVID-19 and Panel B presents the correlation of nine assets during COVID-19. The correlation matrices are calculated based on Spearman’s method. *** Denotes 1% level of significance; ** denotes 5% level of significance; * denotes 10% level of significance