Table 7.

Linear ARDL model: Bounds test for co-integration analysis: Stock and Bitcoin.

Time Period	F-statistic	Critical Value Bounds
		Significance	I0 Bound	I1 Bound
Bear	83.181	10%	4.040	4.780
		5%	4.940	5.730
		1%	6.840	7.840
Bull	130.376	10%	4.040	4.780
		5%	4.940	5.730
		1%	6.840	7.840
Bear	26.363	10%	4.040	4.780
		5%	4.940	5.730
		1%	6.840	7.840
Bull	262.214	10%	4.040	4.780
		5%	4.940	5.730
		1%	6.840	7.840
Bear	42.101	10%	4.040	4.780
		5%	4.940	5.730
		1%	6.840	7.840
Bull	50.880	10%	4.040	4.780
		5%	4.940	5.730
		1%	6.840	7.840
Bear	70.905	10%	4.040	4.780
		5%	4.940	5.730
		1%	6.840	7.840