Dynamic Cross-Market Volatility Spillover Based on MSV Model: Evidence from Bitcoin, Gold, Crude Oil, and Stock Markets

Table 5

Granger causality result between bitcoin and stock index.

Node	Mean	SD	MC error	2.50%	5.00%	10.00%	Median	97.50%	is it significant
	0.0333	0.04531	0.00093	−0.04887	−0.03595	−0.02179	0.03073	0.1307	Not significant
	0.01852	0.01969	0.00047	−0.02023	−0.01362	−0.006269	0.01845	0.05747	Not significant
	0.02731	0.0439	0.00083	−0.05429	−0.04121	−0.02648	0.02541	0.1199	Not significant
	0.01894	0.01935	0.00047	−0.01839	−0.0122	−0.005343	0.01875	0.05812	Not significant
	0.0392	0.05164	0.00111	−0.0547	−0.04006	−0.02341	0.03619	0.1494	Not significant
	0.01018	0.01866	0.00046	−0.02656	−0.0203	−0.01332	0.01007	0.04773	Not significant
	−0.06547	0.08955	0.00237	−0.2596	−0.2204	−0.1788	−0.05989	0.09509	Not significant
	-0.0164	0.02621	0.00065	−0.07173	-0.06052	−0.04901	−0.01551	0.03298	Not significant
	0.0359	0.07372	0.00186	−0.09611	−0.07636	−0.05302	0.03112	0.1961	Not significant
	0.01646	0.01802	0.00051	−0.01713	-0.01162	−0.005288	0.01568	0.05464	Not significant
	0.04422	0.06016	0.00145	−0.06457	-0.04782	-0.0285	0.04071	0.1735	Not significant
	0.02146	0.02013	0.00054	−0.01625	−0.01018	−0.00316	0.02068	0.06322	Not significant
	0.0082	0.05472	0.00119	−0.09453	-0.07761	−0.05864	0.006091	0.1233	Not significant
	0.02341	0.01784	0.00041	−0.01174	−0.005739	0.001106	0.02335	0.05894	Not significant