Co-movement of COVID-19 and Bitcoin: Evidence from wavelet coherence analysis

John W. Goodell and Stéphane Goutte

Finance Research Letters, 2021, vol. 38, issue C

Abstract: We apply wavelet methods to daily data of COVID-19 world deaths and daily Bitcoin prices from 31th December 2019 to 29th April 2020. We find, especially for the period post April 5, that levels of COVID-19 caused a rise in Bitcoin prices. We contribute to the fast-growing body of work on the financial impacts of COVID-19, as well as to ongoing consideration of whether Bitcoin is a safe haven investment. Our results should be of great interest to both scholars and policy makers, as well as investment professionals interested in the financial implications of both COVID-19 and cryptocurrencies.

Keywords: Co-movement; COVID-19; Bitcoin; Wavelet; Safe haven (search for similar items in EconPapers)
JEL-codes: C58 F37 G14 G15 Q31 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (145)

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Working Paper: Co-movement of COVID-19 and Bitcoin: Evidence from wavelet coherence analysis (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:38:y:2021:i:c:s1544612320306978

DOI: 10.1016/j.frl.2020.101625

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