We examine the relationship between cryptocurrencies (namely Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP)) and COVID-19 cases/deaths. This will help explore whether cryptocurrencies can serve as a hedge against COVID-19. The wavelet coherence analysis indicates that there is initially a negative relationship between Bitcoin and the number of reported cases and deaths; however, the relationship becomes positive during the later period. The findings for Ethereum and Ripple are also similar but with weaker interactions. This supports the hedging role of cryptocurrencies against the uncertainty raised by COVID-19.

中文翻译：

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加密货币与COVID-19大流行之间的关系

我们研究了加密货币（即比特币（BTC），以太坊（ETH）和瑞波（XRP））与COVID-19案例/死亡之间的关系。这将有助于探索加密货币是否可以对冲COVID-19。小波相关性分析表明，比特币与报告的病例数和死亡数之间最初存在负相关；但是，在以后的一段时期内，这种关系变得积极。以太坊和瑞波币的发现也相似，但相互作用较弱。这支持了加密货币对冲COVID-19带来的不确定性的对冲作用。