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Article · DergiPark · November 16, 2021

BITCOIN FİYATININ ALTIN VE HAM PETROL FİYATLARI İLE İLİŞKİSİNİN ANALİZİ

Aziza Syzdykova, Gulmira Azretbergenova

Gulmira Azretbergenova
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Abstract

In recent years, the usability of cryptocurrencies in purchasing goods and services has been discussed in all developed and developing countries. At the same time, cryptocurrency is increasingly acting as an investment vehicle and speculative trading vehicle. An example of such use is the bitcoin cryptocurrency. Bitcoin was the first cryptocurrency to gain value without being an ordinary commodity that initially satisfies needs and carries no collateral in the form of existing currencies. One of the most discussed topics in the finance literature is the investigation of the factors affecting the price of bitcoin. The aim of this study is to investigate the relationship between Bitcoin, a crypto currency, and gold and crude oil prices. In the study, weekly data between January 2019 and August 2021 were examined. Vector Autoregressive Model (VAR) was used to examine the relationship between the variables and the direction of the relationship between the variables was determined by the Granger causality test. According to the results of the VAR model, gold and crude oil prices have significant effects on bitcoin prices, but bitcoin price does not have a significant effect on gold and crude oil prices. On the other hand, the results of the Granger causality test confirm the findings of the VAR analysis. Granger causality results reveal that both gold price and crude oil price are the Granger causes of bitcoin price.

Market Dynamics and VolatilityBlockchain Technology Applications and SecurityFinancial Risk and Volatility ModelingBitcoin pricegold pricesoil prices

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