A study on the relationship between Crypto-currencies and official Indian foreign exchange rates

Mallick, Santosha Kumar; Mallik, D. M. Arvind

doi:10.1016/j.matpr.2021.07.383

Cited by 7 publications

(4 citation statements)

References 10 publications

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“…Table4.3.3 shows that there's a significant relationship on crude oil to Bitcoin. It is supported by a research conducted by Heikal et al(22) that the price changes crude oil shows a significant relationship to cryptocurrency return. In addition, Ren et al (2022) with the research entitled "Dynamics of the sheltering role of Bitcoin against crude oil market crash with varying severity of the COVID-19: A comparison with gold", described that The Bitcoin-oil price relationship shows a gradual drop as the severity of the COVID-19 pandemic increases, indicating that Bitcoin serves as an increasingly enhanced safe haven for oil market crashes as the severity of the pandemic increases.…”

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confidence: 72%

“…A research conducted by Almansour et al (2020) shows that there is a positive but not significant association between USD/EUR and Bitcoin returns, whereas negative correlations between USD/JPY, USD/GBP, and USD/AUD and Bitcoin returns were discovered. A research conducted by Mallick and Mallik (2021) was studying the connection between cryptocurrencies and official Indian foreign exchange rates; It reveals that the Indian foreign currency exchange rates (ICX) has no significant relationship to cryptocurrencies.…”

Section: Methodsmentioning

confidence: 99%

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Influence of the Price of Gold, the Price of Crude Oil, and Exchange Rate to Bitcoin Prices During the Covid-19 Pandemic

2023

IJFMR

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The covid 19 pandemic has a negative impact globally, such as financial crisis, political crisis, high unemployment rate, disruption supply chain. This study is examining the relationship between the price of gold, the price of crude oil, and exchange rate (USD/IDR) to Bitcoin during the Covid-19. A time series analysis by using ADCC-GARCH method and a simple linear regression are conducted in this research. The result shows that USD/IDR exchange rate doesn’t have a significant relationship to Bitcoin, while there’s a significant relationship between the price of gold and Bitcoin price. In addition, the price of crude oil has a significant relationship to Bitcoin price.

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confidence: 72%

Section: Methodsmentioning

confidence: 99%

Influence of the Price of Gold, the Price of Crude Oil, and Exchange Rate to Bitcoin Prices During the Covid-19 Pandemic

2023

IJFMR

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“…al, 2021) examine that there is a weak negative statistically significant correlation between USD YEN and BTC with a coefficient of -.142 between USD and BTC. [13] Hence from the Literature review, we find that work has been done in the fields of financial inclusion and the advent of cryptocurrency in the world market on a large scale. Moreover, El Salvadorian President Bukele has been touting Bitcoin as a way for Salvadorans to reduce the fees they pay to send and receive remittances-which make up 22% of El Salvador's GDP, mostly from the U.S.-and as a way for the 70% of Salvadorans who are unbanked to access financial services.…”

Section: "Escaping Weak Local Institutions Might Help Individual Peop...mentioning

confidence: 99%

Can Cryptocurrency Tap the Indian Market? Role of having Robust Monetary and Fiscal Policies

Palit¹,

Mukherjee²

2022

IJSEM

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The growing debate and discussions about legalizing digital currency- raises a significant question does the market have the withstanding power to include people from all segments of society for its usage. In such a nexus, India, when compared to its Asian counterparts is endowed with a booming crypto industry. However, due to many macro-economic and regulatory reasons which come parallel with the crypto trade, the Government of India is taking cognizance of regulating and rationing cryptocurrency trade. Cryptocurrency not only has prospects but at the very moment is enveloped with lots of apprehensions. Countries around the world are using blockchain technology to manoeuvre their development, coupled with swift payment modus operandi, low transaction fees absence of a mediator during transactions make the brighter side of this rapid digital currency. At the same time, unlike other currencies, cryptos are famously detached from any central banks or financial institutions and thereby received a completely decentralized status. On one side, this can free the investors from being beholden by the institution but on the flip side, there arise legal complications. Exposure to too much volatility and severe cases of fraudulent activities are prone to make investors apprehensive of this practice. We find, having a robust financial inclusion system, backed by proper monetary and fiscal policies is one of the necessary conditions to ensure that cryptocurrency taps the Indian market. By dissecting market phases into Accumulation, Pure Buy, Distribution and Pure Sell, we employ Robust Regression to test our proposition. Therefore, for crypto to finely blend in the Indian market and cause endogenous growth, the financial backbone of the economy needs to have a tremendous withstanding potential which comes when the country has vigorous financial inclusions and institution.

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“…For example, historical oil prices directly impact specific commodities' costs and even some countries' GDPs 21 . Another instance is the interdependency between currency exchanges and the values of various cryptocurrencies 22,23 . This raises the question of how to measure the mutual memory effects between such dependent processes.…”

Section: Introductionmentioning

confidence: 99%

Generalization of Chapman-Kolmogorov equation to two coupled processes

Motahari,

Noudehi,

Jamali

et al. 2024

Preprint

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Real-world processes often display a prolonged memory, which extends beyond the single-step dependency characteristic of Markov processes. In addition, the current state of an empirical process is often not only influenced by its own past but also by the past states of other dependent processes. This study introduces the generalized version of the Chapman-Kolmogorov equation (CKE) to estimate the memory size in such scenarios. To assess the applicability of our approach, we generate coupled time series with predetermined memory lengths using the autoregressive model. The results show a high degree of accuracy in measuring memory lengths. Subsequently, we employ the generalized CKE to analyze cryptocurrency data as a real-world case study. Our results indicate that the past dynamics of cryptocurrencies significantly impact their current states, thereby highlighting interdependencies among them. The method proposed in this study can be also utilized in forecasting coupled time series.

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A study on the relationship between Crypto-currencies and official Indian foreign exchange rates

Cited by 7 publications

References 10 publications

Influence of the Price of Gold, the Price of Crude Oil, and Exchange Rate to Bitcoin Prices During the Covid-19 Pandemic

Influence of the Price of Gold, the Price of Crude Oil, and Exchange Rate to Bitcoin Prices During the Covid-19 Pandemic

Can Cryptocurrency Tap the Indian Market? Role of having Robust Monetary and Fiscal Policies

Generalization of Chapman-Kolmogorov equation to two coupled processes

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