The Impact of Cryptocurrency Return on the Stock Market Return : Evidence from OMXHPI Index of Stock Exchange in Finland
Fernando, Mihindukulasuriya Harshana Madushanka (2025)
2025
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2025060520622
https://urn.fi/URN:NBN:fi:amk-2025060520622
Tiivistelmä
The relationship between virtual investment and traditional investment is a debatable topic in this context. This study investigated the impact of cryptocurrency returns on the All-Share Index - OMX Helsinki equity market (OMXHPI). The research aims to find the impact of digital currencies such as Bitcoin, Ethereum, and Tether on the returns in the Finnish market.
The study is done as a quantitative model that employs correlation analysis and time series regression models. The main independent variable is cryptocurrency returns, and the control variables are cryptocurrency volume, GDP growth, exchange rates, inflation, and interest rate. Data were collected from 2010 to 2024 using secondary sources. Findings are based on Regression analysis, Pearson correlation, and descriptive statistics, which were done by STATA 13 software.
The findings display that Bitcoin and Ethereum returns positively affect the OMXHPI, while Tether has no significant impact on OMXHPI. Interest rates showed a consistent negative effect, while GDP had a mild positive influence. The study concludes that major cryptocurrencies, particularly Bitcoin and Ethereum, are increasingly integrated into stock market dynamics, offering new considerations for investors and financial analysts in Finland.
The study is done as a quantitative model that employs correlation analysis and time series regression models. The main independent variable is cryptocurrency returns, and the control variables are cryptocurrency volume, GDP growth, exchange rates, inflation, and interest rate. Data were collected from 2010 to 2024 using secondary sources. Findings are based on Regression analysis, Pearson correlation, and descriptive statistics, which were done by STATA 13 software.
The findings display that Bitcoin and Ethereum returns positively affect the OMXHPI, while Tether has no significant impact on OMXHPI. Interest rates showed a consistent negative effect, while GDP had a mild positive influence. The study concludes that major cryptocurrencies, particularly Bitcoin and Ethereum, are increasingly integrated into stock market dynamics, offering new considerations for investors and financial analysts in Finland.