Varying-coefficient quantile estimates The empirical results from the varying-coefficient quantile estimation show that as the growth rate of infected cases of the COVID-19 pandemic is increasing, there is a decreasing trend for the impact of Bitcoin prices on crude oil prices in market turmoil represented by different quantile levels ( τ = 0.05, τ = 0.1, τ = 0.25, and τ = 0.5) (Right panels of Fig. 2 ).
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Dynamics of the sheltering role of Bitcoin against crude oil market crash with varying severity of the COVID-19: A comparison with gold.
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