Özet:

The aim of this study is to examine the relationships between Bitcoin, which is among the most popular cryptocurrencies, and BIST 100 (XU100), BIST Financial (XUMAL) and BIST Technology (XUTEK) indices within Borsa Istanbul (BIST), which is among the leading emerging markets. For this purpose, we examine the short and long-term relationship between Borsa İstanbul 100 price index, Borsa İstanbul Financial price index, Borsa İstanbul Technology price index and Bitcoin prices, using the ARDL bounds testing approach. Findings indicate a long-term relationship between Bitcoin prices and Borsa Istanbul Financial index. However, no evidence of a long-term relationship has been found between Bitcoin prices and the other price indices. The short-term results also indicate that there is no significant relationship between Bitcoin prices and Borsa Istanbul Financial price index.

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