Ainur Rohma
Department of Development Economics, Faculty of Economics, Trunojoyo Madura University

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Determinants of Cryptocurrency Prices in Indonesia Ainur Rohma; Ris Yuwono Yudo Nugroho
Economics Development Analysis Journal Vol. 14 No. 4 (2025): Economics Development Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v14i4.20067

Abstract

This study explores the key determinants influencing cryptocurrency in Indonesia, focusing on macroeconomic variables including inflation, money supply, gold prices, and crude oil prices over the period from 2013 to 2023. It investigates the dynamic relationships between these variables and Bitcoin, the most widely recognized cryptocurrency globally. The research offers a novel contribution by integrating both domestic economic indicators and external commodity prices into a comprehensive framework for cryptocurrency pricing tailored specifically to the Indonesian market context. This innovative and comprehensive approach significantly enhances the understanding of how macroeconomic factors interact with cryptocurrency behavior, which is crucial for various stakeholders and policymakers alike. The findings aim to provide valuable insights to support the formulation of effective monetary policies in an evolving, increasingly complex financial landscape. Future studies are encouraged to build upon this framework by examining the connections between cryptocurrency and other components of the broader financial system.