. 2020 Jul 7;194:109377. doi: 10.1016/j.econlet.2020.109377

Table 2.

GARCH-calculated polarity influence based on COVID-19 pandemic.

Cryptocurrency	HI Polarity				LM Polarity
	Volume	Polarity	ARCH	GARCH	Volume	Polarity	ARCH	GARCH
Bitcoin	0.0001^⁎	0.0303	0.1670^⁎⁎⁎	0.7291^⁎⁎⁎	0.0001^⁎	0.0166^⁎⁎	0.2393^⁎⁎⁎	0.6891^⁎⁎⁎
	(0.0001)	(0.0402)	(0.0460)	(0.0615)	(0.0001)	(0.0069)	(0.0547)	(0.0569)
Altcoin
Ethereum	0.0001	0.0656	0.1198^⁎⁎⁎	0.7475^⁎⁎⁎	0.0000	0.0194^⁎⁎	0.1314^⁎⁎⁎	0.7422^⁎⁎⁎
	(0.0001)	(0.0479)	(0.0435)	(0.0853)	(0.0001)	(0.0084)	(0.0432)	(0.0813)
XRP	−0.0001	0.0972^⁎⁎⁎	0.1654^⁎⁎⁎	0.4291^⁎⁎⁎	−0.0001	0.0112^⁎	0.1725^⁎⁎⁎	0.4110^⁎⁎⁎
	(0.0001)	(0.0291)	(0.0410)	(0.1034)	(0.0001)	(0.0071)	(0.0470)	(0.1030)
Bitcoin Cash	0.0001	0.0770^⁎	0.1070^⁎⁎⁎	0.5231^⁎⁎⁎	0.0001	0.0121	0.1143^⁎⁎⁎	0.5090^⁎⁎⁎
	(0.0002)	(0.0572)	(0.0422)	(0.1687)	(0.0002)	(0.0105)	(0.0444)	(0.1639)
Bitcoin SV	0.0000	0.2504^⁎⁎⁎	0.5898^⁎⁎⁎	0.6395^⁎⁎⁎	0.0000	0.0554^⁎⁎⁎	0.5723^⁎⁎⁎	0.6633^⁎⁎⁎
	(0.0001)	(0.0195)	(0.0698)	(0.0223)	(0.0001)	(0.0069)	(0.0694)	(0.0226)
Litecoin	0.0001^⁎	0.0512^⁎⁎⁎	0.0528^⁎⁎⁎	0.6495^⁎⁎⁎	0.0001^⁎	0.0015	0.0543^⁎⁎⁎	0.6520^⁎⁎⁎
	(0.0001)	(0.0194)	(0.0284)	(0.1439)	(0.0001)	(0.0103)	(0.0281)	(0.1386)
EOS	0.0000	0.0488	0.0551^⁎⁎⁎	0.9406^⁎⁎⁎	0.0000	0.0042	0.0544^⁎⁎⁎	0.9418^⁎⁎⁎
	(0.0001)	(0.0589)	(0.0104)	(0.0180)	(0.0001)	(0.0088)	(0.0103)	(0.0178)
Tezos	0.0002^⁎	0.0620^⁎	0.1143^⁎⁎⁎	0.8493^⁎⁎⁎	0.0001	0.0289^⁎⁎	0.1290^⁎⁎⁎	0.8391^⁎⁎⁎
	(0.0002)	(0.0421)	(0.0222)	(0.0283)	(0.0002)	(0.0105)	(0.0217)	(0.0277)
Stellar	−0.0001	0.0938^⁎⁎	0.2853^⁎⁎⁎	0.5886^⁎⁎⁎	−0.0002^⁎⁎	0.0270^⁎⁎⁎	0.3246^⁎⁎⁎	0.5614^⁎⁎⁎
	(0.0001)	(0.0427)	(0.0375)	(0.0393)	(0.0001)	(0.0079)	(0.0415)	(0.0408)
Cardano	0.0001	0.0512^⁎	0.2613^⁎⁎⁎	0.4191^⁎⁎⁎	0.0000	0.0271^⁎⁎⁎	0.3778^⁎⁎⁎	0.3618^⁎⁎⁎
	(0.0001)	(0.0336)	(0.0627)	(0.0930)	(0.0002)	(0.0078)	(0.0682)	(0.0844)
Ethereum Classic	0.0000	0.0333	0.1631^⁎⁎⁎	0.5805^⁎⁎⁎	0.0000	0.0117^⁎	0.1714^⁎⁎⁎	0.5743^⁎⁎⁎
	(0.0001)	(0.0443)	(0.0631)	(0.1232)	(0.0002)	(0.0097)	(0.0675)	(0.1200)
Iota	−0.0001	0.0487	0.1715^⁎⁎⁎	0.7640^⁎⁎	−0.0001^⁎	0.0390^⁎⁎⁎	0.1283^⁎⁎⁎	0.8463^⁎⁎⁎
	(0.0001)	(0.0712)	(0.0436)	(0.0609)	(0.0001)	(0.0086)	(0.0285)	(0.0367)
NEM	−0.0002^⁎⁎	0.0435^⁎	0.3434^⁎⁎⁎	0.4072^⁎⁎⁎	−0.0002^⁎⁎	0.0132^⁎	0.3261^⁎⁎⁎	0.4047^⁎⁎⁎
	(0.0001)	(0.0355)	(0.0672)	(0.0826)	(0.0001)	(0.0075)	(0.0637)	(0.0835)
Exchange Token
Chainlink	0.0002	0.0821^⁎	0.1006^⁎⁎⁎	0.9037^⁎⁎	0.0002	0.0236^⁎⁎⁎	0.2093^⁎⁎⁎	0.8139^⁎⁎⁎
	(0.0002)	(0.0536)	(0.0287)	(0.0253)	(0.0002)	(0.0087)	(0.0352)	(0.0323)
Tron	0.0000	0.0611	0.1714^⁎⁎⁎	0.7460^⁎⁎⁎	−0.0001	0.0293^⁎⁎⁎	0.1942^⁎⁎⁎	0.7478^⁎⁎⁎
	(0.0001)	(0.0561)	(0.0425)	(0.0588)	(0.0001)	(0.0085)	(0.0418)	(0.0505)
Huobitoken	0.0001	0.0187	0.0782^⁎⁎⁎	0.8994^⁎⁎⁎	0.0002^⁎⁎	0.0200^⁎⁎⁎	0.6078^⁎⁎	0.0934^⁎⁎⁎
	(0.0001)	(0.0518)	(0.0156)	(0.0172)	(0.0001)	(0.0035)	(0.1812)	(0.0282)
Neo	0.0001	0.0572	0.2584^⁎⁎⁎	0.5755^⁎⁎⁎	0.0000	0.0234^⁎⁎⁎	0.3162^⁎⁎⁎	0.5290^⁎⁎⁎
	(0.0001)	(0.0456)	(0.0585)	(0.0727)	(0.0001)	(0.0085)	(0.0636)	(0.0775)
Maker	0.0001	0.0415	0.1573^⁎⁎⁎	0.7957^⁎⁎⁎	0.0001	0.0106^⁎	0.1544^⁎⁎⁎	0.7992^⁎⁎⁎
	(0.0002)	(0.0664)	(0.0453)	(0.0643)	(0.0002)	(0.0096)	(0.0426)	(0.0627)
Ontology	0.0000	0.0292	0.3099^⁎⁎⁎	0.5784^⁎⁎⁎	0.0000	0.0227^⁎	0.3435^⁎⁎⁎	0.5752^⁎⁎⁎
	(0.0002)	(0.0530)	(0.0434)	(0.0595)	(0.0002)	(0.0118)	(0.0457)	(0.0506)
Privacy Coin
Monero	0.0001	0.0505^⁎	0.1826^⁎⁎⁎	0.7273^⁎⁎⁎	0.0001^⁎	0.0209^⁎⁎⁎	0.2078^⁎⁎⁎	0.7142^⁎⁎⁎
	(0.0001)	(0.0302)	(0.0508)	(0.0663)	(0.0001)	(0.0089)	(0.0520)	(0.0642)
Dash	0.0000	0.0716^⁎	0.4432^⁎⁎⁎	0.5604^⁎⁎	0.0000	0.0223^⁎⁎⁎	0.6084^⁎⁎⁎	0.4376^⁎⁎⁎
	(0.0001)	(0.0472)	(0.0710)	(0.0455)	(0.0001)	(0.0069)	(0.0972)	(0.0585)
Zcash	0.0000	0.0676^⁎	0.2362^⁎⁎⁎	0.6694^⁎⁎⁎	0.0000	0.0243^⁎	0.2815^⁎⁎⁎	0.6171^⁎⁎⁎
	(0.0001)	(0.0490)	(0.0470)	(0.0554)	(0.0001)	(0.0105)	(0.0597)	(0.0692)

Note: For brevity, some additional results have been omitted from the above table and are available from the authors on request.

denote significance at the 10% levels.

^**

denote significance at the 5% levels.

^***

denote significance at the 1% levels.