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- Title
G7 (Gelişmiş 7) Ülkeleri Hisse Senedi Borsaları ile Bitcoin Fiyatı Arasındaki İlişkinin Analizi.
- Authors
AKKAYA, Murat; TUNA, İsmail
- Abstract
Bitcoin, which is believed to have the potential of a new finance paradigm, and traditional financial instruments coexist, offering an alternative to investors. Due to the increasing interest in cryptocurrencies, especially Bitcoin in recent years, its impact on financial markets has been discussed in finance and academic circles. Many of the factors that affect stock prices also affect cryptocurrency prices. Investors gravitate towards cryptocurrencies and stocks with the same impulses, and therefore prices may be in the same trend. Although some authors have stated that Bitcoin is mostly used for speculative purposes due to excessive volatility and bubbles, this discussion has also become attractive for researchers in the world where the impact of technology and globalization is increasing. In this study, it is aimed to analyze the relationship between stock exchanges of Developed 7 (G7) countries with developed financial markets and the price of Bitcoin (BTC), the largest currency in terms of volume and market value of the crypto money market. In addition, the BIST100 index was included in the research because the research was conducted in Turkey. Monthly data for the period January 2016-May 2022 were used in the research. Johansen Cointegration Test and Vector Error Correction Model were chosen as analysis methods. As a result of the analysis, it has been determined that there is a longterm cointegration relationship. The Vector Error Correction Model is significant at the 5% level. In the short run, there is a statistically significant relationship between the Dow Jones, Nasdaq and Nikkei225 indices and the Bitcoin price (BTC).
- Subjects
TURKEY; CRYPTOCURRENCIES; INVESTORS; FINANCIAL instruments; PRICE indexes; PRICES; NASDAQ Stock Market; CONSUMER price indexes
- Publication
Gaziantep University Journal of Social Sciences, 2023, Vol 22, Issue 3, p949
- ISSN
1303-0094
- Publication type
Article
- DOI
10.21547/jss.1210950