Table 3.

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

	From Oil	From DJI	From SHCI	From Gold	From Treasury	From USDX	From RE
0.1	−0.0059	0.0470	0.5806	0.0211	−0.0546	−1.5894	1.1706
0.2	−0.0056	−0.0364	0.5806	0.0211	−0.0546	−1.5894	1.1706
0.3	0.0994	−0.0364	0.5806	0.0211	−0.1329	−1.5894	1.1706
0.4	0.1714	−0.0364	0.5806	0.0211	−0.2284	−1.5894	1.1706
0.5	0.0994	−0.0364	0.5757	0.0211	−0.4231 *	−1.5894	1.1706
0.6	0.0994	−0.2050	0.5632	0.0211	−0.4450 *	−1.5894	1.1706 *
0.7	0.0994	−0.2050	0.3718	0.0211	−0.4620 **	−1.5894	1.1706
0.8	0.2387	−0.2050	0.2890	0.0211	−0.4726 *	−1.5894	1.1706
0.9	0.2983	−0.2050	0.2686	0.0211	−0.4726 *	−1.5894	1.1706 *

This table reports the different quantiles of traditional financial markets affecting the 10^th quantile of Bitcoin before the COVID-19 outbreak. ***, **, and * reflect the rejection of the null hypothesis at the 1%, 5%, and 10% levels of significance, respectively