Table 11.

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

Market Phase	F-statistic	Critical Value Bounds
		Significance	I0 Bound	I1 Bound
Bear	55.371	10%	3.170	4.140
		5%	3.790	4.850
		1%	5.150	6.360
Bull	86.844	10%	3.170	4.140
		5%	3.790	4.850
		1%	5.150	6.360
Bear	32.762	10%	3.170	4.140
		5%	3.790	4.850
		1%	5.150	6.360
Bull	174.481	10%	3.170	4.140
		5%	3.790	4.850
		1%	5.150	6.360
Bear	85.178	10%	3.170	4.140
		5%	3.790	4.850
		1%	5.150	6.360
Bull	33.890	10%	3.170	4.140
		5%	3.790	4.850
		1%	5.150	6.360
Bear	47.313	10%	3.170	4.140
		5%	3.790	4.850
		1%	5.150	6.360