Relationship between Bitcoin Exchange Rate and Other Financial Indexes in Time Series

Table 7

Granger causality test results for the variables in natural logarithm.

Null hypothesis	Prob.
GOLD does not influence BTC	0.9397
BTC does not influence GOLD.	0.3118
JPY does not influence BTC	0.5978
BTC does not influence JPY	0.9319
SP500 does not influence BTC	0.2092
BTC does not influence SP500	0.0325
SVI does not influence BTC	4.E−05
BTC does not influence SVI	0.0018
USD does not influence BTC	0.3888
BTC does not influence USD	0.8713
VIX does not influence BTC	0.0373
BTC does not influence VIX	0.1173
SVI does not influence SP500	0.4206
SP500 does not influence SVI	0.0469
VIX does not influence SP500	0.0098
SP500 does not influence VIX	0.2837
VIX does not influence SVI	0.0074
SVI does not influence VIX	0.3751

Significant level of 1%, 5%, 10%.