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

Table 3.

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

Cryptocurrency	HI Subjectivity				LM Subjectivity
	Volume	Subjectivity	ARCH	GARCH	Volume	Subjectivity	ARCH	GARCH
Bitcoin	0.0001^⁎	0.0870^⁎⁎⁎	0.2878^⁎⁎⁎	0.6562^⁎⁎⁎	0.0000	0.2987^⁎⁎⁎	0.3066^⁎⁎⁎	0.6416^⁎⁎⁎
	(0.0001)	(0.0241)	(0.0601)	(0.0573)	(0.0001)	(0.0700)	(0.0619)	(0.0573)
Altcoin
Ethereum	0.0000	0.3214^⁎⁎⁎	0.1489^⁎⁎⁎	0.7266^⁎⁎⁎	0.0000	0.3214^⁎⁎⁎	0.1489^⁎⁎⁎	0.7266^⁎⁎⁎
	(0.0001)	(0.1021)	(0.0459)	(0.0818)	(0.0001)	(0.1021)	(0.0459)	(0.0818)
XRP	0.0002^⁎⁎	0.1718^⁎⁎⁎	0.5783^⁎⁎⁎	0.3111^⁎⁎⁎	−0.0001	0.0733	0.1642^⁎⁎⁎	0.4151^⁎⁎
	(0.0001)	(0.0180)	(0.0868)	(0.0736)	(0.0001)	(0.0939)	(0.0450)	(0.1039)
Bitcoin Cash	0.0001	0.0691^⁎⁎⁎	0.0935^⁎⁎⁎	0.3471^⁎⁎⁎	0.0001	0.0753^⁎⁎⁎	0.1117^⁎⁎⁎	0.5113^⁎⁎
	(0.0002)	(0.0052)	(0.02011)	(0.0938)	(0.0002)	(0.0139)	(0.0432)	(0.1639)
Bitcoin SV	0.0001^⁎⁎	0.4171^⁎⁎⁎	0.4156^⁎⁎⁎	0.5927^⁎⁎⁎	0.0000	0.6576^⁎⁎⁎	0.5798^⁎⁎⁎	0.6638^⁎⁎⁎
	(0.0001)	(0.0590)	(0.0782)	(0.0578)	(0.0001)	(0.0975)	(0.0698)	(0.0231)
Litecoin	0.0001^⁎	0.0008	0.0538^⁎	0.6515^⁎⁎⁎	0.0001^⁎	0.0277	0.0528^⁎	0.6493^⁎⁎⁎
	(0.0001)	(0.0400)	(0.0278)	(0.1391)	(0.0001)	(0.1198)	(0.0271)	(0.1391)
EOS	0.0000	0.0118	0.0541^⁎⁎⁎	0.9426^⁎⁎⁎	0.0000	0.0093	0.0533^⁎⁎⁎	0.9445^⁎⁎⁎
	(0.0001)	(0.0364)	(0.0102)	(0.0178)	(0.0001)	(0.1096)	(0.0102)	(0.0177)
Tezos	0.0001	0.1283^⁎⁎	0.1326^⁎⁎⁎	0.8350^⁎⁎⁎	0.0001	0.4328^⁎⁎⁎	0.1349^⁎⁎⁎	0.8316^⁎⁎⁎
	(0.0002)	(0.0419)	(0.0221)	(0.0283)	(0.0002)	(0.1319)	(0.0226)	(0.0289)
Stellar	−0.0002^⁎⁎	0.1053^⁎⁎⁎	0.3280^⁎⁎⁎	0.5568^⁎⁎⁎	0.0002^⁎⁎⁎	0.2954^⁎⁎⁎	0.3272^⁎⁎⁎	0.5565^⁎⁎⁎
	(0.0001)	(0.0294)	(0.0418)	(0.0431)	(0.0001)	(0.0961)	(0.0418)	(0.0447)
Cardano	0.0000	0.0984^⁎⁎⁎	0.3893^⁎⁎⁎	0.3533^⁎⁎⁎	0.0000	0.2885^⁎⁎⁎	0.3874^⁎⁎⁎	0.3502^⁎⁎⁎
	(0.0002)	(0.0305)	(0.0699)	(0.0843)	(0.0002)	(0.0922)	(0.0703)	(0.0837)
Ethereum Classic	0.0001	0.0674^⁎⁎	0.1756^⁎⁎⁎	0.5808^⁎⁎⁎	0.0001	0.2575^⁎	0.1675^⁎⁎⁎	0.5919^⁎⁎⁎
	(0.0002)	(0.0389)	(0.0689)	(0.1200)	(0.0002)	(0.1120)	(0.0655)	(0.1172)
Iota	−0.0001^⁎	0.1621^⁎⁎⁎	0.1430^⁎⁎⁎	0.8271^⁎⁎⁎	−0.0001^⁎	0.4512^⁎⁎⁎	0.1405^⁎⁎⁎	0.8308^⁎⁎⁎
	(0.0001)	(0.0361)	(0.0320)	(0.0411)	(0.0001)	(0.1122)	(0.0318)	(0.0410)
NEM	−0.0002^⁎	0.0447^⁎	0.3202^⁎⁎⁎	0.4084^⁎⁎⁎	−0.0002^⁎⁎⁎	0.0917	0.3214^⁎⁎⁎	0.4073^⁎⁎⁎
	(0.0001)	(0.0273)	(0.0625)	(0.0840)	(0.0001)	(0.0795)	(0.0635)	(0.0838)
Exchange Token
Chainlink	0.0002^⁎	0.0942^⁎	0.1936^⁎⁎⁎	0.8201^⁎⁎⁎	0.0000	0.4549^⁎⁎⁎	0.2368^⁎⁎⁎	0.7972^⁎⁎⁎
	(0.0002)	(0.0520)	(0.0357)	(0.0315)	(0.0002)	(0.0973)	(0.0413)	(0.0341)
Tron	−0.0001^⁎	0.1279^⁎⁎⁎	0.2055^⁎⁎⁎	0.7408^⁎⁎⁎	−0.0001^⁎	0.3920^⁎⁎⁎	0.2026^⁎⁎⁎	0.7426^⁎⁎⁎
	(0.0001)	(0.0312)	(0.0420)	(0.0491)	(0.0001)	(0.0964)	(0.0415)	(0.0497)
Huobitoken	0.0002^⁎⁎	0.0760^⁎⁎⁎	0.2815^⁎⁎⁎	0.0716^⁎⁎	0.0002^⁎⁎	0.2462^⁎⁎⁎	0.7338^⁎⁎⁎	0.0456^⁎
	(0.0001)	(0.0114)	(0.1807)	(0.0249)	(0.0001)	(0.0323)	(0.1754)	(0.0209)
Neo	0.0000	0.1032^⁎⁎⁎	0.3478^⁎⁎⁎	0.4998^⁎⁎⁎	0.0000	0.2876^⁎⁎⁎	0.3325^⁎⁎⁎	0.5132^⁎⁎⁎
	(0.0001)	(0.0303)	(0.0685)	(0.0805)	(0.0001)	(0.0914)	(0.0665)	(0.0796)
Maker	0.0001	0.0511	0.1558^⁎⁎	0.7979^⁎⁎⁎	0.0000	0.1759	0.1565^⁎⁎⁎	0.7978^⁎⁎⁎
	(0.0002)	(0.0370)	(0.0427)	(0.0630)	(0.0002)	(0.1138)	(0.0427)	(0.0627)
Ontology	0.0000	0.1018^⁎⁎⁎	0.3618^⁎⁎⁎	0.5671^⁎⁎⁎	0.0000	0.3591^⁎⁎⁎	0.3823^⁎⁎⁎	0.5548^⁎⁎⁎
	(0.0002)	(0.0422)	(0.0473)	(0.0515)	(0.0002)	(0.1188)	(0.0496)	(0.0533)
Privacy Coin
Monero	0.0001^⁎	0.0972^⁎⁎⁎	0.2170^⁎⁎⁎	0.7060^⁎⁎⁎	0.0001^⁎	0.2699^⁎⁎	0.2178^⁎⁎⁎	0.7052^⁎⁎⁎
	(0.0001)	(0.0328)	(0.0527)	(0.0642)	(0.0001)	(0.1011)	(0.0531)	(0.0644)
Dash	0.0000	0.0791^⁎⁎⁎	0.5972^⁎⁎⁎	0.4436^⁎⁎⁎	0.0000	0.2233^⁎⁎⁎	0.6198^⁎⁎⁎	0.4281^⁎⁎⁎
	(0.0001)	(0.0228)	(0.0953)	(0.0576)	(0.0001)	(0.0662)	(0.0991)	(0.0587)
Zcash	0.0000	0.0831^⁎	0.2855^⁎⁎⁎	0.6134^⁎⁎⁎	0.0000	0.1801^⁎	0.2764^⁎⁎⁎	0.6262^⁎⁎⁎
	(0.0001)	(0.0352)	(0.0590)	(0.0671)	(0.0001)	(0.1029)	(0.0549)	(0.0650)

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.