The Impact of Energy Prices, Precious Metals, Stock Markets, and Variables of G7 Countries on the Cryptocurrencies

Document Type : Original Article

Authors

1 Ph.D. Student, Department of Economics, Faculty of Economics and Accounting, Razi University, Kermanshah, Iran

2 Associate Professor, Department of Economics, Faculty of Economics and Accounting, Razi University, Kermanshah, Iran

10.22034/jepr.2025.143167.1239

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.

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History

  • Receive Date: 17 February 2025
  • Revise Date: 12 April 2025
  • Accept Date: 12 April 2025
  • Publish Date: 22 June 2025

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