Determining the Foreign Currencies Affecting the Bitcoin.

Ozaltun Gul Cennet; Ege Ilhan; Topaloglu Emre Esat; Huang Chia Hsing; Urkmez Taylan

doi:10.2478/amns.2023.2.01139

Applied Mathematics and Nonlinear Sciences (Jul 2023)

Determining the Foreign Currencies Affecting the Bitcoin.

Ozaltun Gul Cennet,
Ege Ilhan,
Topaloglu Emre Esat,
Huang Chia Hsing,
Urkmez Taylan

Affiliations

Ozaltun Gul Cennet: 1Mersin University, Department of Business Administration, Mersin, Turkiye
Ege Ilhan: 1Mersin University, Department of Business Administration, Mersin, Turkiye
Topaloglu Emre Esat: 2Sirnak University, Department of Business Administration, Sirnak, Turkiye
Huang Chia Hsing: 3Solbridge International School of Business, Daejeon, S. Korea
Urkmez Taylan: 4American University of Middle East, College of Business, Kuwait

DOI: https://doi.org/10.2478/amns.2023.2.01139
Journal volume & issue: Vol. 8, no. 2
pp. 3427 – 3444

Abstract

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In the present paper, the Granger causality test is used to study the causality relationships between Bitcoin and some of the most highly traded currencies, including euro, Japanese yen, British pound, Chinese yuan, and Indian rupee. To this purpose, the daily exchange rates of Bitcoin and the selected currencies to USD between 2014 and 2018 were used. Different from findings in existing literature, our study shows that there are no Granger causalities between Bitcoin and Euro, Japanese yen, British pound, and Indian rupee. A Granger causality is found in the direction from the Chinese yuan to Bitcoin.

Published in Applied Mathematics and Nonlinear Sciences

ISSN: 2444-8656 (Online)
Publisher: Sciendo
Country of publisher: Poland
LCC subjects: Science: Mathematics
Website: https://sciendo.com/journal/AMNS

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Abstract

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