Abstract:

Purpose: Cryptocurrencies have gained importance and become more used in recent years with the development of technology. The most famous of these currencies is Bitcoin, which is not linked to a central authority and is secured by cryptocurrency systems. In this study, the main cryptocurrencies and operating processes were studied. In addition, Bitcoin’s relationship with currency, stock and interest markets has been discussed. Method: The frequency of the data set used in the study is monthly and covers the period from March 2012 to May 2018. From the time series methods, the Johansen Integration and Granger Causal Analysis were applied. Results: According to the results of the study, Bitcoin prices appear to have a rise in the train and a high volatility. There is a statistically meaningful relationship between the interest rate variable and Bitcoin prices according to other analyses and the Granger causality test results.

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