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Bitcoin prices and rupee-dollar exchange rates during COVID-19

Bitcoin prices and rupee-dollar exchange rates during COVID-19 Bitcoin is the primary cryptocurrency in the world that can be stored and traded through the internet. Digital contracts and cryptocurrencies created on blockchains have now been used in exchanging instruments on the networks and are available online readily. This paper's main objective is to investigate the causal relationship between bitcoin prices and rupee-US dollar exchange during COVID-19. The study used the Granger causality model to study the price behaviour of bitcoin and the rupee-dollar exchange rate. The study found an unidirectional Granger causality existed, where the rupee-US dollar exchange rate affected the bitcoin price in the Indian market during COVID-19. The bitcoins are widely considered as an investment asset in Indian markets, and the rupee-dollar exchange rate has a significant impact on the bitcoin prices. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Electronic Finance Inderscience Publishers

Bitcoin prices and rupee-dollar exchange rates during COVID-19

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Publisher
Inderscience Publishers
Copyright
Copyright © Inderscience Enterprises Ltd
ISSN
1746-0069
eISSN
1746-0077
DOI
10.1504/IJEF.2021.115661
Publisher site
See Article on Publisher Site

Abstract

Bitcoin is the primary cryptocurrency in the world that can be stored and traded through the internet. Digital contracts and cryptocurrencies created on blockchains have now been used in exchanging instruments on the networks and are available online readily. This paper's main objective is to investigate the causal relationship between bitcoin prices and rupee-US dollar exchange during COVID-19. The study used the Granger causality model to study the price behaviour of bitcoin and the rupee-dollar exchange rate. The study found an unidirectional Granger causality existed, where the rupee-US dollar exchange rate affected the bitcoin price in the Indian market during COVID-19. The bitcoins are widely considered as an investment asset in Indian markets, and the rupee-dollar exchange rate has a significant impact on the bitcoin prices.

Journal

International Journal of Electronic FinanceInderscience Publishers

Published: Jan 1, 2021

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