The Relationship between Bitcoin and Nasdaq, U.S. Dollar Index and Commodities

Aysu Ahmadova, Taghi Guliyev and Khatai Aliyev
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Aysu Ahmadova: International School of Economics, Azerbaijan State University of Economics (UNEC), Azerbaijan
Taghi Guliyev: International School of Economics, Azerbaijan State University of Economics (UNEC), Azerbaijan
Khatai Aliyev: UNEC Empirical Research Center, Azerbaijan State University of Economics (UNEC), Azerbaijan

International Journal of Energy Economics and Policy, 2024, vol. 14, issue 1, 281-289

Abstract: This paper investigates the long-run interaction between Bitcoin and Nasdaq, U.S. Dollar Index and commodities by applying weekly data from 1 January 2017 until 21 May 2023. This study uses FMOLS, DOLS and CCR methods to examine the long-run association between the variables. The results reveal a positive and significant relationship between Bitcoin and Nasdaq, as well as a similar positive association between Bitcoin and Oil prices. Notably, the U.S. Dollar Index exhibits a negative and significant impact on Bitcoin. However, results show that Gold does not have significant impact on Bitcoin. Finally, the results show that there are significant Granger causality from Nasdaq, oil and gold to Bitcoin.

Keywords: Bitcoin; Nasdaq; U.S. Dollar Index; Gold; Oil; Cointegration (search for similar items in EconPapers)
JEL-codes: G12 G15 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eco:journ2:2024-01-29

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