Özet:

Cryptocurrency, unlike the classical money concept, has emerged in the world in recent years and has become an alternative new exchange and investment tool. In developed countries, spending with paper money has started to leave its place to crypto money. Cryptocurrencies have the ability to be transferred and stored electronically and represent paper money. Bitcoin (BTC) is the first of the cryptocurrencies, emerged in 2009 and started to open the doors of the crypto money era. The aim of this study is to econometrically investigate the relationship between Bitcoin prices and the Dollar index. In the research, in determining the date range, the oldest date on which Bitcoin data is available is 02.02.2012, the data range includes the working day of 21.12.2021 and consists of daily data. Time series analysis was used as a method in the study. In order to test the relationship between the variables, the "Lee Strazicich Unit Root Test" was applied, which takes into account whether the series is stationary or not and structural breaks. “Whether there is any causality between the variables, and if there is causality, what the direction of this relationship is was tested with the "Toda Yamamoto Test" in the form of binary analysis. According to the results of the Toda-Yamamoto test, it has been determined that there is no causal relationship between Bitcoin prices and the Dollar index.”

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