Advance Journal of Management, Accounting and Finance, vol.7, no.8, pp.17-35, 2022 (Peer-Reviewed Journal)
The development of technology has made changesindaily life and pay systems mandatory. In 2008, crypto moneywaslaunched as a new currency. There is an increasing interest inthiscurrency, which is not controlled by any central authority, hasnophysical features compared to traditional currencies, andof erspaying facilities without experiencing time constraints. Inthestudy, using monthly data between 31.08.2010 and 28.02.2021, therelationship between Bitcoin and Brent marked oil prices, goldandS&P 500 macroeconomic indicators was examined. Inordertodetermine the current influence of these parameters onBitcoin, impulse-response and Variance decomposition based ontheVARmodel were applied. In addition to these analyses, JohansenCointegration and Granger Causality analysis were applied. According to the consequences of the analysis, a long-termJohansenCointegration relationship was found between the variables, but norelationship was found in the short-term.