KPSS-Intercept, Level

Null Hypothesis: BITCOIN_AUSTRALIA is stationary

Exogenous: Constant
Bandwidth: 25 (Newey-West automatic) using Bartlett kernel

LM-Stat.

Kwiatkowski-Phillips-Schmidt-Shin test statistic 2.504414

Asymptotic critical values*: 1% level 0.739000
5% level 0.463000
10% level 0.347000

*Kwiatkowski-Phillips-Schmidt-Shin (1992, Table 1)

Residual variance (no correction) 151712.0

HAC corrected variance (Bartlett kernel) 3525330.

KPSS Test Equation

Dependent Variable: BITCOIN_AUSTRALIA
Method: Least Squares
Date: 05/03/18 Time: 05:54
Sample: 9/27/2011 3/17/2017
Included observations: 1057

Variable Coefficient Std. Error t-Statistic Prob.

C 360.4673 11.98610 30.07377 0.0000

R-squared 0.000000 Mean dependent var 360.4673

Adjusted R-squared 0.000000 S.D. dependent var 389.6866
S.E. of regression 389.6866 Akaike info criterion 14.76951
Sum squared resid 1.60E+08 Schwarz criterion 14.77420
Log likelihood -7804.685 Hannan-Quinn criter. 14.77129
Durbin-Watson stat 0.027713
Null Hypothesis: BITCOIN_CANADA is stationary
Exogenous: Constant
Bandwidth: 25 (Newey-West automatic) using Bartlett kernel

LM-Stat.

Kwiatkowski-Phillips-Schmidt-Shin test statistic 2.413618

Asymptotic critical values*: 1% level 0.739000
5% level 0.463000
10% level 0.347000

*Kwiatkowski-Phillips-Schmidt-Shin (1992, Table 1)

Residual variance (no correction) 178939.4

HAC corrected variance (Bartlett kernel) 3794944.

KPSS Test Equation

Dependent Variable: BITCOIN_CANADA
Method: Least Squares
Date: 05/03/18 Time: 05:55
Sample: 9/27/2011 3/17/2017
Included observations: 1057

Variable Coefficient Std. Error t-Statistic Prob.

C 361.8634 13.01730 27.79864 0.0000

R-squared 0.000000 Mean dependent var 361.8634

Adjusted R-squared 0.000000 S.D. dependent var 423.2126
S.E. of regression 423.2126 Akaike info criterion 14.93457
Sum squared resid 1.89E+08 Schwarz criterion 14.93927
Log likelihood -7891.921 Hannan-Quinn criter. 14.93635
Durbin-Watson stat 0.230626
Null Hypothesis: BITCOIN_EUROPE is stationary
Exogenous: Constant
Bandwidth: 25 (Newey-West automatic) using Bartlett kernel

LM-Stat.

Kwiatkowski-Phillips-Schmidt-Shin test statistic 2.451858

Asymptotic critical values*: 1% level 0.739000
5% level 0.463000
10% level 0.347000

*Kwiatkowski-Phillips-Schmidt-Shin (1992, Table 1)

Residual variance (no correction) 64121.19

HAC corrected variance (Bartlett kernel) 1501539.

KPSS Test Equation

Dependent Variable: BITCOIN_EUROPE
Method: Least Squares
Date: 05/03/18 Time: 05:55
Sample: 9/27/2011 3/17/2017
Included observations: 1057

Variable Coefficient Std. Error t-Statistic Prob.

C 236.8212 7.792357 30.39148 0.0000

R-squared 0.000000 Mean dependent var 236.8212

Adjusted R-squared 0.000000 S.D. dependent var 253.3415
S.E. of regression 253.3415 Akaike info criterion 13.90830
Sum squared resid 67776101 Schwarz criterion 13.91299
Log likelihood -7349.536 Hannan-Quinn criter. 13.91008
Durbin-Watson stat 0.009720
Null Hypothesis: BITCOIN_UK is stationary
Exogenous: Constant
Bandwidth: 25 (Newey-West automatic) using Bartlett kernel

LM-Stat.

Kwiatkowski-Phillips-Schmidt-Shin test statistic 2.312748

Asymptotic critical values*: 1% level 0.739000
5% level 0.463000
10% level 0.347000

*Kwiatkowski-Phillips-Schmidt-Shin (1992, Table 1)

Residual variance (no correction) 52066.53

HAC corrected variance (Bartlett kernel) 1195772.

KPSS Test Equation

Dependent Variable: BITCOIN_UK
Method: Least Squares
Date: 05/03/18 Time: 05:55
Sample: 9/27/2011 3/17/2017
Included observations: 1057

Variable Coefficient Std. Error t-Statistic Prob.

C 201.8509 7.021782 28.74639 0.0000

R-squared 0.000000 Mean dependent var 201.8509

Adjusted R-squared 0.000000 S.D. dependent var 228.2889
S.E. of regression 228.2889 Akaike info criterion 13.70005
Sum squared resid 55034320 Schwarz criterion 13.70474
Log likelihood -7239.475 Hannan-Quinn criter. 13.70183
Durbin-Watson stat 0.049475
Null Hypothesis: BITCOIN_USA is stationary
Exogenous: Constant
Bandwidth: 25 (Newey-West automatic) using Bartlett kernel

LM-Stat.

Kwiatkowski-Phillips-Schmidt-Shin test statistic 2.216149

Asymptotic critical values*: 1% level 0.739000
5% level 0.463000
10% level 0.347000

*Kwiatkowski-Phillips-Schmidt-Shin (1992, Table 1)

Residual variance (no correction) 89961.99

HAC corrected variance (Bartlett kernel) 2111708.

KPSS Test Equation

Dependent Variable: BITCOIN_USA
Method: Least Squares
Date: 05/03/18 Time: 05:56
Sample: 9/27/2011 3/17/2017
Included observations: 1057

Variable Coefficient Std. Error t-Statistic Prob.

C 287.3441 9.229912 31.13183 0.0000

R-squared 0.000000 Mean dependent var 287.3441

Adjusted R-squared 0.000000 S.D. dependent var 300.0786
S.E. of regression 300.0786 Akaike info criterion 14.24691
Sum squared resid 95089823 Schwarz criterion 14.25161
Log likelihood -7528.493 Hannan-Quinn criter. 14.24869
Durbin-Watson stat 0.011471
KPSS-Trend and Intercept, Level

Null Hypothesis: BITCOIN_AUSTRALIA is stationary

Exogenous: Constant, Linear Trend
Bandwidth: 25 (Newey-West automatic) using Bartlett kernel

LM-Stat.

Kwiatkowski-Phillips-Schmidt-Shin test statistic 0.184687

Asymptotic critical values*: 1% level 0.216000
5% level 0.146000
10% level 0.119000

*Kwiatkowski-Phillips-Schmidt-Shin (1992, Table 1)

Residual variance (no correction) 67440.05

HAC corrected variance (Bartlett kernel) 1463587.

KPSS Test Equation

Dependent Variable: BITCOIN_AUSTRALIA
Method: Least Squares
Date: 05/03/18 Time: 05:57
Sample: 9/27/2011 3/17/2017
Included observations: 1057

Variable Coefficient Std. Error t-Statistic Prob.

C -141.8651 15.97918 -8.878121 0.0000

@TREND("9/27/2011") 0.951387 0.026203 36.30853 0.0000

R-squared 0.555473 Mean dependent var 360.4673

Adjusted R-squared 0.555052 S.D. dependent var 389.6866
S.E. of regression 259.9383 Akaike info criterion 13.96066
Sum squared resid 71284132 Schwarz criterion 13.97005
Log likelihood -7376.207 Hannan-Quinn criter. 13.96422
F-statistic 1318.310 Durbin-Watson stat 0.062314
Prob(F-statistic) 0.000000
Null Hypothesis: BITCOIN_CANADA is stationary
Exogenous: Constant, Linear Trend
Bandwidth: 24 (Newey-West automatic) using Bartlett kernel

LM-Stat.

Kwiatkowski-Phillips-Schmidt-Shin test statistic 0.195582

Asymptotic critical values*: 1% level 0.216000
5% level 0.146000
10% level 0.119000

*Kwiatkowski-Phillips-Schmidt-Shin (1992, Table 1)

Residual variance (no correction) 91093.10

HAC corrected variance (Bartlett kernel) 1582939.

KPSS Test Equation

Dependent Variable: BITCOIN_CANADA
Method: Least Squares
Date: 05/03/18 Time: 05:57
Sample: 9/27/2011 3/17/2017
Included observations: 1057

Variable Coefficient Std. Error t-Statistic Prob.

C -151.0116 18.57113 -8.131523 0.0000

@TREND("9/27/2011") 0.971354 0.030453 31.89666 0.0000

R-squared 0.490928 Mean dependent var 361.8634

Adjusted R-squared 0.490445 S.D. dependent var 423.2126
S.E. of regression 302.1023 Akaike info criterion 14.26130
Sum squared resid 96285408 Schwarz criterion 14.27069
Log likelihood -7535.096 Hannan-Quinn criter. 14.26486
F-statistic 1017.397 Durbin-Watson stat 0.453010
Prob(F-statistic) 0.000000
Null Hypothesis: BITCOIN_EUROPE is stationary
Exogenous: Constant, Linear Trend
Bandwidth: 25 (Newey-West automatic) using Bartlett kernel

LM-Stat.

Kwiatkowski-Phillips-Schmidt-Shin test statistic 0.186492

Asymptotic critical values*: 1% level 0.216000
5% level 0.146000
10% level 0.119000

*Kwiatkowski-Phillips-Schmidt-Shin (1992, Table 1)

Residual variance (no correction) 28935.26

HAC corrected variance (Bartlett kernel) 640946.1

KPSS Test Equation

Dependent Variable: BITCOIN_EUROPE
Method: Least Squares
Date: 05/03/18 Time: 05:57
Sample: 9/27/2011 3/17/2017
Included observations: 1057

Variable Coefficient Std. Error t-Statistic Prob.

C -87.76813 10.46669 -8.385472 0.0000

@TREND("9/27/2011") 0.614753 0.017163 35.81765 0.0000

R-squared 0.548741 Mean dependent var 236.8212

Adjusted R-squared 0.548313 S.D. dependent var 253.3415
S.E. of regression 170.2648 Akaike info criterion 13.11448
Sum squared resid 30584568 Schwarz criterion 13.12387
Log likelihood -6929.001 Hannan-Quinn criter. 13.11804
F-statistic 1282.904 Durbin-Watson stat 0.021512
Prob(F-statistic) 0.000000
Null Hypothesis: BITCOIN_UK is stationary
Exogenous: Constant, Linear Trend
Bandwidth: 25 (Newey-West automatic) using Bartlett kernel

LM-Stat.

Kwiatkowski-Phillips-Schmidt-Shin test statistic 0.192007

Asymptotic critical values*: 1% level 0.216000
5% level 0.146000
10% level 0.119000

*Kwiatkowski-Phillips-Schmidt-Shin (1992, Table 1)

Residual variance (no correction) 25401.02

HAC corrected variance (Bartlett kernel) 548962.0

KPSS Test Equation

Dependent Variable: BITCOIN_UK
Method: Least Squares
Date: 05/03/18 Time: 05:57
Sample: 9/27/2011 3/17/2017
Included observations: 1057

Variable Coefficient Std. Error t-Statistic Prob.

C -80.71822 9.806664 -8.230957 0.0000

@TREND("9/27/2011") 0.535169 0.016081 33.27940 0.0000

R-squared 0.512143 Mean dependent var 201.8509

Adjusted R-squared 0.511681 S.D. dependent var 228.2889
S.E. of regression 159.5280 Akaike info criterion 12.98421
Sum squared resid 26848880 Schwarz criterion 12.99360
Log likelihood -6860.153 Hannan-Quinn criter. 12.98777
F-statistic 1107.519 Durbin-Watson stat 0.101387
Prob(F-statistic) 0.000000
Null Hypothesis: BITCOIN_USA is stationary
Exogenous: Constant, Linear Trend
Bandwidth: 25 (Newey-West automatic) using Bartlett kernel

LM-Stat.

Kwiatkowski-Phillips-Schmidt-Shin test statistic 0.214979

Asymptotic critical values*: 1% level 0.216000
5% level 0.146000
10% level 0.119000

*Kwiatkowski-Phillips-Schmidt-Shin (1992, Table 1)

Residual variance (no correction) 46586.13

HAC corrected variance (Bartlett kernel) 1047583.

KPSS Test Equation

Dependent Variable: BITCOIN_USA
Method: Least Squares
Date: 05/03/18 Time: 05:58
Sample: 9/27/2011 3/17/2017
Included observations: 1057

Variable Coefficient Std. Error t-Statistic Prob.

C -73.04679 13.28079 -5.500183 0.0000

@TREND("9/27/2011") 0.682559 0.021778 31.34166 0.0000

R-squared 0.482158 Mean dependent var 287.3441

Adjusted R-squared 0.481667 S.D. dependent var 300.0786
S.E. of regression 216.0427 Akaike info criterion 13.59072
Sum squared resid 49241539 Schwarz criterion 13.60011
Log likelihood -7180.695 Hannan-Quinn criter. 13.59428
F-statistic 982.2995 Durbin-Watson stat 0.022132
Prob(F-statistic) 0.000000