The investigation of relationship between cryptocurrencies and BIST100: ARDL bounds test approach

In this study, it is aimed to investigate the cointegration relationship between cryptocurrencies, which have increased in popularity and parallel to this, and the BIST 100 index, which is considered the most basic indicator of Borsa İstanbul. For this purpose, daily data of 5 cryptocurrencies with the highest market value on 31.12.2021, namely Bitcoin, Ethereum, Binance Coin, Tether and Cardano, and the BIST 100 index between 01.01.2018 and 31.12.2021 were used. In this study, in which cryptocurrencies were accepted as independent variable USD/TL rate and US500 index were added to the study as control variables in order to achieve more meaningful results. ARDL approach was prefeerred as it allows analysis with stationary series at different levels as a method in the study. Analyzes were made using the Eviews statitical package program. A total of 24 ARDL tests were applied to the time series consisting of 1001 day observations seperately fort he 01.01.2018- 31.12.2021 and post pandemic 01.04.2020- 31.12.2021 periods. The test results were compared with the reference values suggested by Pesaran, Shin and Smith (2001) and Narayan (2005), and it was concluded that there is no cointegration relationship between cryptocurrencies and BIST 100 since no significant results were found.