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Abstract
<p class="first" id="d16327613e124">The COVID-19 global pandemic has disrupted business-as-usual,
hence, affecting sustained
economic development across countries. However, it appears economic uncertainty following
COVID-19 containment measures favor market signals of cryptocurrencies. Here, this
study empirically and structurally investigates the implication of COVID-19 health
outcomes on market prices of Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Evidence
from the novel Romano-Wolf multiple hypotheses reveal COVID-19 shocks spur Litecoin
by 3.20-3.84%, Bitcoin by 2.71-3.27%, Ethereum by 1.43-1.75%, and Bitcoin Cash by
1.34-1.62%.
</p>