How COVID-19 Shook Up the Finance World: Crypto and Traditional Assets

The COVID-19 pandemic has been a wild ride for all kinds of money, from digital currencies to gold. We looked at how the main cryptocurrencies like Bitcoin, Ethereum, Ripple, and Litecoin behaved during this time. We also checked out the fear index (VIX), gold prices, and the S&P500 stock market. Using a method called transfer entropy, we found out how these things influenced each other, even when they do weird things. What did we find? Well, cryptocurrencies started to act a lot like the VIX, gold, and the S&P500 during the pandemic. It's like they were all dancing to the same tune. Gold and the VIX kept their rep as safe bets to protect against the pandemic's craziness. The S&P500 became the boss, telling the cryptocurrencies what to do. And Ripple? It was the one calling the shots for the VIX, gold, and even the S&P500!