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Cryptocurrencies, especially Bitcoin, have been used very often recently. The need for analyzing the price movements of the cryptocurrencies, which are accepted as “a currency” and “a store of value”, has emerged. With the growth and global integration of these markets, whether there are speculative bubbles on the basis of significant changes in prices is important in terms of openness and security in respect of financial stability. In addition, speculative movements in the cryptocurrencies market raise the question of whether market participants act with herd mentality. For this reason, in the study, the presence of speculative bubbles in Bitcoin and Etherium is analyzed by using Philips et al. (2015) method and estimated when they were formed. While the presence of bubbles in the cryptocurrencies market and the existence of these bubbles as a duration of herd mentality, it is also known that there is no balancing speculation in this market. According to the findings, a large number of bubbles were found in the Bitcoin and Etherium cryptocurrencies. The emergence of large bubbles, especially between the years 2017-2018, has shown that these cryptocurrencies are prone to speculative movements.

Cryptocurrencies, especially Bitcoin, have been used very often recently. The need for analyzing the price movements of the cryptocurrencies, which are accepted as “a currency” and “a store of value”, has emerged. With the growth and global integration of these markets, whether there are speculative bubbles on the basis of significant changes in prices is important in terms of openness and security in respect of financial stability. In addition, speculative movements in the cryptocurrencies market raise the question of whether market participants act with herd mentality. For this reason, in the study, the presence of speculative bubbles in Bitcoin and Etherium is analyzed by using Philips et al. (2015) method and estimated when they were formed. While the presence of bubbles in the cryptocurrencies market and the existence of these bubbles as a duration of herd mentality, it is also known that there is no balancing speculation in this market. According to the findings, a large number of bubbles were found in the Bitcoin and Etherium cryptocurrencies. The emergence of large bubbles, especially between the years 2017-2018, has shown that these cryptocurrencies are prone to speculative movements.

The effectiveness of monetary policy instruments of the Central Banks and the impact of these tools on the market are analyzed depending on the effects of monetary policy tools on the targeted variables, and the volatility of the indicators of monetary and financial markets. According to common view, the measures which are applied or announced by central banks lead to a volatility decrease in the financial indicators. In this study, the effects of the interest rate policy of the Central Bank of the Republic of Turkey (CBRT) on BİST100 index are tested by symmetric and asymmetric GARCH models based on Moon and Yu (2010)'s approach. In accordance with the obtained results, a shock which is derived from the weighted average cost of the CBRT funding is symmetric and this symmetric shock does not have any influence on BİST100.As a result, it can be said that the weighted average cost of the CBRT funding does not have any influence on BİST100.