Table 2.

Shock from Bitcoin to seven financial markets before the COVID-19 outbreak

	To Oil	To DJI	To SHCI	To Gold	To Treasury	To USDX	To RE
0.1	0.0907	−0.0379	−0.0936	0.0553	0.1481	−0.0223***	−0.0795
0.2	0.1010	−0.0276	−0.0608	0.0384	0.1588	−0.0199***	0.0725
0.3	0.0322	0.0545	0.0368	0.0070	0.1520	−0.0179**	0.0737
0.4	−0.1297	0.0351	0.0165	0.0088	0.0839	−0.0105	−0.0048
0.5	−0.2567*	−0.0268	0.0134	0.0088	0.0442	−0.0075	−0.0484
0.6	−0.0086	−0.0418	−0.0454	0.0079	0.0219	0.0067	−0.0872***
0.7	0.0941	−0.0904	−0.0491	0.0128	−0.0205	0.0201*	−0.1204***
0.8	0.0794	−0.0988	−0.0179	0.0496	−0.0205	0.0201	−0.0159
0.9	0.0794	−0.1125	0.0435	0.1071	−0.0205	0.0498**	0.1228

The table displays the different quantiles of Bitcoin affecting the 10^th quantiles of the observed traditional financial markets before the COVID-19 outbreak. The values 0.1 to 0.9 represent the 10^th to 90^th quantiles of Bitcoin returns. ***, **, and * reflect the rejection of the null hypothesis at the 1%, 5%, and 10% levels of significance, respectively