Publication

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

Stephane GOUTTE, John GOODELL

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.

Publication type: 
Scientific Article
Date de parution: 
01/2021
Support: 
Finance Research Letters