Yield and Volatility of Cryptocurrency under Long-term Uncertain Situation: Evidence from Covid-19 Pandemic

Abstract

The birth of Bitcoin, the development of cryptocurrency, the establishment of digital platforms, and the investment of international capital. As the meta-cosmic era approaches, how does the blockchain platform occupy a place in the financial market, and how does it affect the world economy? What changes have taken place in the international financial sector? How has the economic downturn caused by the epidemic positively affected Bitcoin? As a market participant, how to reach a consensus on bitcoin, and how to invest, is a rational decision. This article is intended to use the Augmented Dickey-Fuller (ADF) Unit Root Test, Vector Autoregression (VAR) Model, ARMA-GARCH Model, Impulse Response, and the application of models such as ARMA-GARCH Estimation Results and Variance Equation analyzes the causes of bitcoin price fluctuations in the epidemic and how the epidemic has positively affected cryptocurrencies. Based on data, assisted by ICONS, the text analyzes the connection between the epidemic and cryptocurrencies.