Document Type : Original Article
Authors
Departemant of Economics, Faculty of Economics and Accounting, Razi University, Kermanshah, Iran
Abstract
Nowadays, cryptocurrencies have entered the global financial system and are now part of the investment portfolio of institutions and individuals. Therefore, investigation of the relationships and influential factors on the prices of this emerging market can be effective understanding the investors to choose the optimal investment portfolios. In this research, the impact oil and gas prices as the most important energy carriers, gold and silver as the top precious metals, stock indices, inflation and interest rates of G7 countries as the richest countries in the world on the price of Bitcoin and Ethereum were examined. For this purpose, the ARDL Panel and GMM approaches were employed in this study. The data used include monthly observations from April 2020 to December 2023. The results showed that Brent oil price, natural gas, gold, silver, inflation rates and stock indices of G7 industrialized countries have a significant impact on the price of digital currencies, depending on the type of relationship which they have with virtual currencies.
Keywords
- Cryptocurrencies
- Stock Markets of G7
- precious metals
- Energy Prices
- Macroeconomic variables of G7 Countries
Main Subjects
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