The impact of cryptocurrencies on developed and developing country stock exchanges

In our study, in order to examine the relationship between crypto coins and stock market indices, the relationship between 5 cryptocurrencies with the highest price value and non fixed prices and the stock market indices of 10 countries selected among developed and developing countries was examined. For this purpose, Binance Coin, Bitcoin, Cardano, Etherium and Ripple; The data set was created with the daily data of SP500, NIKKEI225, FTSE100, DAX, SPASX200, BOVESPA, BIST100, SHANGHAI, NIFTY50 and MOEX stock market indices between 01.01.2018 and 31.12.2021. A total of 50 models were created with the relevant data set and the stability of these 50 models was determined by ADF Unit Root test and Toda Yamamoto Causality Test was applied. As a result of the applied analyzes, it was determined that there was a two-way causality relationship between the variables in 5 models among the 50 models studied. Our models, which identified bidirectional causality between the variables, consist of BNB-NIKKEI225, ETH-SPASX200, ETH-NIKKEI225, BTC-NIKKEI225, BTC-MOEX models. In 21 models, a one-way causal relationship between variables was applied. It was determined that there was no causal relationship between the variables in the remaining models.