Influence of the Price of Gold, the Price of Crude Oil, and Exchange Rate to Bitcoin Prices During the Covid-19 Pandemic

Abstract

The covid 19 pandemic has a negative impact globally, such as financial crisis, political crisis, high unemployment rate, disruption supply chain. This study is examining the relationship between the price of gold, the price of crude oil, and exchange rate (USD/IDR) to Bitcoin during the Covid-19. A time series analysis by using ADCC-GARCH method and a simple linear regression are conducted in this research. The result shows that USD/IDR exchange rate doesn’t have a significant relationship to Bitcoin, while there’s a significant relationship between the price of gold and Bitcoin price. In addition, the price of crude oil has a significant relationship to Bitcoin price.