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The empirical results of the DC\u2010GC\u2010MSV model are logically correct and convergent. The DIC test result has proved that the DC\u2010GC\u2010MSV model is better and more accurate. Bitcoin has no significant Granger causality spillover effect than other assets. As a safe haven product for stock assets, gold price has one\u2010way spillover effect from stock market volatility. Moreover, crude oil has the highest correlation with the stock market. In the recent COVID\u201019 epidemic and the sluggish economic environment, investors need to consider a balanced asset allocation among low\u2010correlation assets, medium\u2010correlation assets, and high\u2010correlation assets to reduce risks.<\/jats:p>","DOI":"10.1155\/2021\/9912418","type":"journal-article","created":{"date-parts":[[2021,4,14]],"date-time":"2021-04-14T00:20:26Z","timestamp":1618359626000},"update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":16,"title":["Dynamic Cross\u2010Market Volatility Spillover Based on MSV Model: Evidence from Bitcoin, Gold, Crude Oil, and Stock Markets"],"prefix":"10.1155","volume":"2021","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-1042-7433","authenticated-orcid":false,"given":"Jing","family":"Zhang","sequence":"first","affiliation":[]},{"given":"Qi-zhi","family":"He","sequence":"additional","affiliation":[]}],"member":"311","published-online":{"date-parts":[[2021,4,13]]},"reference":[{"key":"e_1_2_9_1_2","doi-asserted-by":"publisher","DOI":"10.1080\/13504851.2014.916379"},{"key":"e_1_2_9_2_2","article-title":"The inefficiency of bitcoin revisited: a dynamic approach","volume":"161","author":"Aurelio F. 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