Anwar Husain, Ishmael Asad
This study examines the correlation of the price of Bitcoin to eight other key market indicators for the period January 2014 to July 2024. The study's objectives were to determine which indicators had the highest correlation to the price of bitcoin and whether the correlation changed over this period. If there was a change in correlation over this time, the study attempts to determine the causation of the change. The nine key economic indicators reviewed for correlation to Bitcoin price are (1) the price of gold, (2) Consumer Confidence Index (CCI), (3) US dollar, (4) NYSE Composite Index, (5) NASDAQ Composite Index, (6) Nikkei 255 Index, (7) Hang Seng Index, and (8) the FTSE index. The conclusion of the paper indicates a strong positive correlation with stock exchange indices that were increasing during the analyzed period. Additionally, a positive relationship existed with the price of gold; however, it was statistically lower during the analyzed sub-periods. Conversely, no statistically justified relationship was found between the price of Bitcoin and the CCI, US Dollar Index, or any declining stock indices.
@article{fe38f5fa-d72d-414f-ac63-bd35b0d18497,
title={Bitcoin's Economic Relationships: Insights from a 10-Year Correlation Study},
author={Anwar Husain and Ishmael Asad},
year={2026},
language={en}
}TY - JOUR TI - Bitcoin's Economic Relationships: Insights from a 10-Year Correlation Study AU - Anwar Husain AU - Ishmael Asad PY - 2026 LA - en ER -
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