The effect of gold, dollar and Composite Stock Price Index on cryptocurrency
Aswin Rivai
International Journal of Research in Business and Social Science · 2023 · Vol. 12 / Issue 3 · 231-236
Publication metrics
External links open provider records or DOI searches. Provider counts are not combined. Mendeley readership measures saves, not citations.
Dimensions
Live provider badge. If unavailable, use the Dimensions link above.
Observed 21 Oct 2026, 07:22 UTC
Observed 21 Oct 2026 07:22 UTC
OpenAlex and Mendeley observations refresh on article visits, at most once per 24 hours. Unavailable data is not zero. Google Scholar opens a DOI search.
Citations received by this article, grouped by the year of the citing work. Crossref and OpenAlex lifetime totals remain separate in Publication metrics.
2017–2026 Annual history last updated:
Citations received
OpenAlex · year of the citing work
Hover over a year or focus the chart and use arrow keys to inspect values.
2017–2026 annual-history window. 2026 is year to date. Unknown years have gaps.
View data & coverage
2026 is incomplete. Within a successfully fetched ten-year window, omitted years mean zero. Years beyond a saved observation’s window remain unknown (—). Older citations are excluded, so this chart’s sum may differ from the OpenAlex lifetime total. The date above belongs to this annual history; an unsuccessful refresh keeps the previous observation.
Abstract
This paper aims to analyze cryptocurrency volatility by examining the effect of Gold, Dollar Index, and Composite Stock Price Index (IHSG) as independent variables and on Bitcoin and Ethereum as dependent variables. The cryptocurrency objects in this study are Bitcoin and Ethereum, which have the largest market capitalization. The data in this study used the period January 1, 2018, to December 31, 2021. This study used GARCH analysis. This study's results indicate that Bitcoin's volatility is influenced by the price of Bitcoin itself, gold, and the stock exchange index, and Ethereum and the stock exchange index influence Ethereum. This shows that the cryptocurrency market is inefficient as the prices are also affected by past prices.
Keywords: {'name': 'Cryptocurrency, bitcoin, gold, stock price index'}
Authors & affiliations
Aswin Rivai
Affiliation not supplied
Deposited references
Supplied references, not a list of publications citing this article.
Aulia, M. R. (2018). Pros and Cons of Bitcoin: Analysis of the Influence of Bitcoin Development, Flat Money Performance and State Governance System. University of Lampung, 10(2), 1–15.
DOI: 10.5614/sostek.itbj.2018.17.1.8
Bhosale, J., & Mavale, S. (2018). Volatility of select Crypto-currencies: A comparison of Bitcoin , Ethereum and Litecoin. Annual Research Journal of SCMS, Pune, 6(March), 132–141.
DOI: 10.1016/j.irfa.2015.07.005
DOI: 10.1007/978-1-4842-2535-6
DOI: 10.1016/j.frl.2015.10.008
DOI: 10.1057/978-1-349-95121-5
DOI: 10.1016/B978-0-444-63658-4.00001-3
DOI: 10.24843/JMAT.2017.v07.i02.p87
Nurmapika, Ryafini, Nurliza, Imelda. 2018. Analysis of Strategic Food Commodity Price Volatility in West Kalimantan Province (Case Study of the Pontianak Flamboyan Market). Journal of Social Economics of Agriculture, Volume 7, Number 1, Hal. 41-53. Available at: http://jurnal.untan.ac.id/index.php/jsea/article/view/30751.
DOI: 10.5296/jas.v3i2.7185
DOI: 10.22146/gamaijb.27775
DOI: 10.26905/jkdp.v23i3.3005
S. Dimas Okky, & Setiawan. (2012). Modeling of the Composite Stock Price Index (IHSG), Exchange Rates, and World Oil Prices with. ITS Journal of Science and Arts, 1(1), 1–6.
Satoshi Nakamoto (2008). Bitcoin: A Peer-to-Peer Electronic Cash System.www.bicoin.org
Shen, Z. (2014). How the US Dollar Index Affects Gold Prices. September. https://webcache.googleusercontent.com/search?q=cache:kAFsdBGe1fwJ:https://www.askfinan cials.com/pdf/knowledge panel/Dollar%2520Index%2520The%2520Bull%2520market%2520no%2520one%2520wants %2520January%25202017.pdf+&cd=12&hl=en&ct=clnk&gl=id
Suharsono, A. (2012). Volatility Analysis of Go Public Companies' Shares with the ARCH-GARCH Method. ITS Journal of Science and Arts, 1(1), 259–264.
Wood, G. (2014). Ethereum: a secure decentralized generalized transaction ledger.
DOI: 10.1017/S0269888907001014