Interaction between share markets and Bitcoin markets: The example of developing countries

Fluctuations in bitcoin prices have become a new subject alternative for financial analysts. What makes this work unique is that Bitcoin evaluates it in today's conditions and contributes to the studies. Considering the effect of price movements in Bitcoin on the stock market of developing countries, it contributes to future studies. In this study, the BRICS-T (Brazil, Russia, India, China, South Africa and Turkey) markets are both among themselves as well as causality in variance with Bitcoin 17 August 2010 - was examined by June 16, 2020 log data. The causality test developed by Granger (1969) was used to analyze the average causality between Bitcoin and BRICS-T countries. n the analysis of causality in variance, the causality test was used in the variance proposed by Hafner and Herwatz (2006). The findings show that there is no average causal relationship between Bitcoin and BRICS-T countries. According to the average causality test results for the BRICS-T countries, investors Russia can not be determined causality average - Turkey stock market, India - China's stock market, South Africa - The Turkey stock can go to a diversification of holding bilateral its portfolio. When the causality test results of the variance are analyzed, the spreading relationship was determined in the variance for the stock exchange, Bitcoin, India, China and South Africa. Another important finding of the study, Turkey stock index is that the BRICS countries affected by the shock occurred in the stock market.