Table 3.

Granger causality test results for data of gold prices, cryptocurrency return, and COVID-19.

COVID-19 Infected Cases				COVID-19 Death Cases
Null Hypothesis	Wald	$\mathit{p}$-Value		Null Hypothesis	Wald	p -Value
$\mathrm{COVID}-19 /\Rightarrow \mathrm{Gold}$	0.4376	0.7262		$\mathrm{COVID}-19 /\Rightarrow \mathrm{Gold}$	0.1968	0.8985
$\mathrm{COVID}-19 /\Rightarrow \mathrm{BTC}$	0.9753	0.4044		$\mathrm{COVID}-19 /\Rightarrow \mathrm{BTC}$	0.6815	0.5638
$\mathrm{COVID}-19 /\Rightarrow \mathrm{ETH}$	1.9525	0.1207		$\mathrm{COVID}-19 /\Rightarrow \mathrm{ETH}$	0.8400	0.4726
$\mathrm{COVID}-19 /\Rightarrow \mathrm{BNB}$	0.7258	0.5371		$\mathrm{COVID}-19 /\Rightarrow \mathrm{BNB}$	0.2029	0.8944
$\mathrm{COVID}-19 /\Rightarrow \mathrm{ADA}$	1.0662	0.3634		$\mathrm{COVID}-19 /\Rightarrow \mathrm{ADA}$	2.0982	0.1000
$\mathrm{COVID}-19 /\Rightarrow \mathrm{XRP}$	2.4939	0.0597		$\mathrm{COVID}-19 /\Rightarrow \mathrm{XRP}$	2.2387	0.0834
$\mathrm{COVID}-19 /\Rightarrow \mathrm{DOGE}$	0.8942	0.4442		$\mathrm{COVID}-19 /\Rightarrow \mathrm{DOGE}$	2.2739	0.0796