Table 2.

Asymmetric causality test results

		Bootstrap Critical Values
Hypothesis	Test Stat	1%	5%	%10
${\mathrm{BTC}}^{+}\ne >{\mathrm{ENV}}^{+}$	5.516*	9.697	6.030	4.497
${\mathrm{BTC}}^{+}\ne >{\mathrm{ENV}}^{-}$	1.217	9.483	6.295	4.626
${\mathrm{BTC}}^{-}\ne >{\mathrm{ENV}}^{-}$	0.529	9.041	3.904	2.743
${\mathrm{BTC}}^{-}\ne >{\mathrm{ENV}}^{+}$	0.288	10.860	6.672	5.153
${\mathrm{XRP}}^{+}\ne >{\mathrm{ENV}}^{+}$	1.064	11.296	4.446	2.918
${\mathrm{XRP}}^{+}\ne >{\mathrm{ENV}}^{-}$	5.066	25.771	15.468	12.355
${\mathrm{XRP}}^{-}\ne >{\mathrm{ENV}}^{-}$	0.101	12.535	4.881	3.012
${\mathrm{XRP}}^{-}\ne >{\mathrm{ENV}}^{+}$	39.564***	27.519	16.849	13.753
${\mathrm{ETH}}^{+}\ne >{\mathrm{ENV}}^{+}$	15.020	154.623	64.736	38.166
${\mathrm{ETH}}^{+}\ne >{\mathrm{ENV}}^{-}$	11.528	36.993	18.456	14.056
${\mathrm{ETH}}^{-}\ne >{\mathrm{ENV}}^{-}$	0.004	13.575	5.281	2.845
${\mathrm{ETH}}^{-}\ne >{\mathrm{ENV}}^{+}$	37.398**	43.308	22.681	16.390

Optimal lag lengths were determined by using Akaike information criterion *, **, and *** show statistical significance at 10, 5, and 1% level, respectively. Critical values were obtained by utilizing 1000 bootstrap replications