Research Article

Technological Change and Market Conditions: Evidence from Bitcoin Fork

Table 5

Transfer entropy by quantile-based estimation.

Transfer entropyEffective transfer entropy

Bitcoin ⟶ Bitcoin Cash0.03Bitcoin ⟶ Bitcoin Cash0.02
Bitcoin Cash ⟶ Bitcoin0.02Bitcoin Cash ⟶ Bitcoin0.01

The directional link shown with the arrow represents the information flows between the new and old forks. For transfer entropy, and indicate significance at the 5% and 1% levels, respectively.