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. 2020 Jul 30;22(8):833. doi: 10.3390/e22080833

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© 2020 by the authors.

Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/).

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Clustering of volatility co-movements between markets before and during the COVID-19 pandemic. The clustered markets are Bitcoin (1), S&P500 (2), Gold (3), Silver (4), WTI (5), Brent (6), and Gas (7). The connection between Brent and Gas, between Bitcoin and WTI, and between Gold and Silver is clear and stable through periods. The S&P500 forms a unique cluster before the pandemic. During the pandemic, Gold and Silver form a unique cluster and the S&P500 appears connected to Brent and Gas cluster, and to Bitcoin and WTI cluster. The COVID-19 has clearly affected the interconnections between world large markets.