In this study, we examine the resilience of Bitcoin (BTC) to hedge
Chinese aggregate and sectoral equity markets and the returns
spillover to Altcoins onset the Novel Coronavirus outbreak. We
observe that BTC is a weak hedge during the overall period and a
weak safe haven onset the crisis. Besides, BTC is a weak hedge,
diversifier and a weak safe haven for the sectoral equity indexes.
Overall, gold outperforms BTC in hedging and safe haven
perspectives with respect to Chinese equity markets. Lastly, we find
that the rise in Altcoin prices are majorly due to spillover from BTC prices.
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