Summary: | 碩士 === 中國文化大學 === 財務金融學系 === 106 === Bitcoin originated in the financial crisis in 2008, creating a torrent for the financial sys-tem. The purpose of this paper is to explore the relationship between the price of bitcoin and the price of Taiwan listed cryptocurrency mining stocks. The sample period is from 2013 to 2018, and Bitcoin prices are based on the BTCstamp exchange and the listed cryptocurrency mining stocks closing prices in Taiwan. Through the test of unit root test, cointegration test, vector error correction model, vector autoregression, and Granger Causality analysis of the lead-leg relationship between Bitcoin price and cryp-tocurrency mining stocks, the empirical results show that there is a price-linked rela-tionship between bitcoin prices and cryptocurrency mining stocks prices. Bitcoin prices is ahead of the Taiwan listed cryptocurrency mining stocks.
|