Abstract
In this article, I examine the relationship between COVID-19 daily additional cases and Bitcoin daily closing prices by applying Quantile-on-Quantile Regression (QQR) approach. The results reveal that the changing intensity level of COVID-19 does have an impact on Bitcoin prices. Whats more, my research captures the dependence between the distribution of Bitcoin prices and the severity of the COVID-19 pandemic. Levels of COVID-19 cause a rise in Bitcoin prices. I give a fresh look at combining every day confirmed number of new infections of COVID-19 and behavioral economics with fluctuating daily Bitcoin prices. And as the confirmed case has stabilized, although it is still at a relatively high position, investors would develop speculative psychology and take abnormal and seemingly inexplicable actions, e.g., they prefer to invest in Cryptocurrency rather than hold US dollars cash. Bitcoin offers a relatively steady performance in enduring the pandemic shocks; thus, it can be considered a safe-haven asset.
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