# Bitcoin as a Safe Haven during COVID-19 Disease
## 3 Data and Methods
### Results
#### 3.2.1 Regression Model Results  
The main goal of this work is investigating Bitcoin's status as a safe haven around crucial dates in the COVID-19 spread, hence around precise _event windows_. The windows taken into account are eighteen, since for each date we considered three time intervals: one of 7 days, one of 10 days and another of 14 days, as shown in Tables 3-7, that describe the estimates of the coefficients of the regression model defined in the Equation (1). Note that only the statistically significant coefficients (the significance level is equal to 95%) are shown, while in Appendix A the complete results concerning some of the performed regression analysis are reported in tables from Tables A1-A3. The remaining results are available on request. Let us look to the results described in Tables 3 and 4, or in Table 5 that show only the variables significant to our analysis. \begin{table}
\begin{tabular}{c c c c c c c c c c} \hline \hline  & \multicolumn{4}{c}{**20 October 2020 +**} & \multicolumn{4}{c}{**12 November 2020 +**} & \multicolumn{4}{c}{**14 January 2021 +**} \\ \cline{2-10}  & **7 Days** & **10 Days** & **14 Days** & **7 Days** & **10 Days** & **14 Days** & **7 Days** & **10 Days** & **14 Days** \\ \hline retIPAC & 0.927 & 0.93 & 0.926 & 1.11 & 1.079 & 1.074 & 0.952 & 0.936 & 0.914 \\ retGD & \(-\)0.556 & \(-\)0.558 & \(-\)0.551 & \(-\)0.588 & \(-\)0.589 & \(-\)0.61 & \(-\)0.584 & \(-\)0.566 & \(-\)0.577 \\ retBND & 2.160 & 2.165 & 2.157 & 2.118 & 2.127 & 2.131 & 2.193 & 2.206 & 2.226 \\ retBZ & 0.277 & 0.28 & 0.28 & 0.296 & 0.295 & 0.303 & 0.292 & 0.286 & 0.291 \\ retGC & 0.512 & 0.51 & 0.514 & 0.517 & 0.515 & 0.53 & 0.515 & 0.524 & 0.526 \\ Volatility-COVID & 0 & 0 & 0 & \(-\)4.013 & \(-\)4.28 & \(-\)4.238 & \(-\)5.365 & \(-\)5.067 & \(-\)5.021 \\ retGSPC-COVID & 1.4572 & 0 & 0 & \(-\)1.939 & \(-\)2.25 & \(-\)6.55 & \(-\)1.624 & \(-\)2.993 & \(-\)31.196 \\ retDAX:COVID & 0 & 0 & 0 & \(-\)3.411 & \(-\)3.551 & \(-\)13.777 & \(-\)2.227 & 3.798 & 0 \\ retFTSE:COVID & \(-\)3.126 & \(-\)3.333 & 0 & \(-\)1.873 & \(-\)2.382 & 3.547 & 0 & 0 & 0 \\ retN225:COVID & \(-\)1.107 & 0 & \(-\)1.932 & 0.643 & 0 & \(-\)4.645 & \(-\)6.326 & \(-\)6.558 & 0 \\ retSS:COVID & \(-\)1.786 & \(-\)1.83 & \(-\)1.108 & 1.111 & 1.132 & \(-\)8.33 & \(-\)3.885 & \(-\)3.495 & 0 \\ retURTH:COVID & 0.688 & 0 & 0 & \(-\)0.813 & \(-\)0.833 & 6.89 & 0 & 0 & 0 \\ retEUFN:COVID & 0 & 0 & 0 & 4.299 & 4.092 & 4.674 & \(-\)2.478 & \(-\)5.801 & 0 \\ retIPAC:COVID & 1.991 & 2.093 & 3.925 & \(-\)2.436 & \(-\)1.558 & 3.2 & 6.443 & 12.388 & 21.231 \\ retDX:COVID & \(-\)1.249 & 0 & \(-\)3.135 & \(-\)2.317 & \(-\)2.261 & \(-\)4.789 & 1.632 & 0 & 21.248 \\ retGD:COVID & 0.803 & 0 & 0 & 1.639 & 1.915 & 17.394 & 5.242 & 1.68 & 0 \\ retBND:COVID & 0 & 0 & 0 & 3.301 & 3.474 & 0 & 0.866 & \(-\)0.613 & 0 \\ retBZ:COVID & 0 & 0 & 0 & 0.239 & 0.503 & \(-\)7.591 & 4.384 & 0 & 0 \\ retGC:COVID & 0 & 0 & 0 & 2.58 & 3.458 & \(-\)3.399 & \(-\)4.234 & \(-\)6.128 & 0 \\ retDXprevious & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ retBNDprevious & \(-\)1.441 & \(-\)1.436 & \(-\)1.469 & \(-\)1.443 & \(-\)1.445 & \(-\)1.421 & \(-\)1.517 & \(-\)1.524 & \(-\)1.526 \\ \hline \hline \end{tabular}
\end{table} 
Table 4: Summary of regression model results about Btc considering the variables with significant coefficient for the remaining nine windows taken into account.