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Financial Innovation
Fig. 3 | Financial Innovation

Fig. 3

From: Volatility contagion between cryptocurrencies, gold and stock markets pre-and-during COVID-19: evidence using DCC-GARCH and cascade-correlation network

Fig. 3

Bitcoin Japanese candlestick chart. Source: TradingView (see https://www.tradingview.com). This Figure shows the stability of the Bitcoin price and the absence of noticeable volatility before the beginning of 2011. However, it is notable that the volatility started around the second quartile of 2011 (as shown above) and has continued throughout the study period up to 2022 (see, for example, https://www.tradingview.com)

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