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Macroeconomic factors and cryptocurrency prices: an ARDL model analysis
Akhtar, Tahir Saiful Islam, Md
Akhtar, Tahir
Saiful Islam, Md
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2026-04-29
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Accepted manuscript of a journal article, under embargo until 29 April 2027
Adobe PDF, 575.95 KB
- Embargoed until 2027-04-29
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Abstract
Cryptocurrencies, with their transformative potential in diversification and market growth, have captivated global investors and researchers. This study breaks new ground by uncovering long-term relationships between macroeconomic factors and cryptocurrency returns, Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and Binance Coin (BNB), using an advanced ARDL model from 2017 to 2023. Unlike prior short-term analyses, we reveal how indicators such as the consumer price index, foreign direct investment, gross domestic product, industrial production index, and interest rates uniquely influence crypto returns, with varying impacts across assets. These insights empower investors to craft resilient portfolios and guide policymakers in regulating dynamic crypto markets.
Citation
Akhtar, T., Islam, M.S. & Abdullah, M. (2026) Macroeconomic factors and cryptocurrency prices: an ARDL model analysis. Digital Finance 8, Article 26. https://doi.org/10.1007/s42521-026-00193-4
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Journal article
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en
Description
This is an accepted manuscript of an article published by SpringerNature in Digital Finance on 29/04/2026, available online:
This version of the article has been accepted for publication, after peer review (when applicable) and is subject to Springer Nature’s AM terms of use, but is not the Version of Record and does not reflect post-acceptance improvements, or any corrections. The Version of Record is available online at: https://doi.org/10.1007/s42521-026-00193-4
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2524-6984
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There is no funding.