Impacto en la cotización del Bitcoin ante variaciones en las cotizaciones de índices bursátiles, commodities y tipos de cambio. Un Análisis al período 2012 – 2019

Abstract

The cryptocurrency ecosystem is constantly growing; it attracts hundreds of people every day who look to be part of this new "form of investment". However, because it is a relatively new financial asset, the cryptocurrency investments are more speculative, that is to say they involve an increased risk Despite its risk, day by day new cryptocurrencies appear: approximately 1000 are in circulation and are therefore sold in the

different brokers. The cryptocurrency that encompasses the largest capitalization in the market is the Bitcoin. This cryptocurrency was the first in circulation and, therefore, it is the oldest. This and other important events have led the Bitcoin to become the most influential cryptocurrency. The Bitcoin have reached the highest quotes in this new emerging market: A Bitcoin unit went from trading less than one dollar, in early 2009, to quote about US $ 20,000 per unit at the end of 2017. Therefore, the present study seeks to provide relevant information, through the estimation of autoregressive models (SVAR), which serve to better understand cryptocurrencies, analyzing the effect that could have some financial assets, such as indices, raw materials and exchange rates, on the price of Bitcoin.