دراسة مقارنة للعلاقة بين تقلبات أسعار العملات الرقمية وقيم مؤشرات أسواق الأوراق المالية بالتطبيق على منطقة شمال أفريقيا والشرق الأوسط (MENA)‎

Abstract EN

Purpose: the research aims to analyze the movement of digital currency prices over time and compare it to the movement of financial indicators in various stock exchanges in order to determine whether or not modern digital currencies can represent a global alternative to investing in financial stock exchanges, given their low transaction costs and confidentiality of information, which make them more appealing to some investors.

hypotheses: the research is based on testing two basic hypotheses: (1) no significant relationship between fluctuation in digital currency prices and the fluctuations in the values of stock indices.

(2) Cryptocurrencies cannot be considered as a substitute for investing in stock markets.

methodology: the statistical study was conducted from January 1, 2010, to July 15, 2022, by applying a sample of the indices of thirteen Mena region countries (North Africa and the Middle East) in addition to three global indices represented by Nasdaq, Dow Jones and American standard & poor's, to represent the fluctuations of these the indicators were the fluctuations of the financial stock exchanges, as well as the ten most active digital currencies in terms of the volume of transactions at the time of the research was relied upon.

correlation analysis using the STATA statistical package was also used.

results: by analyzing the standard deviations of the samples, it was determined that the financial markets are more stable than digital currencies.

this negates the possibility that digital currencies serve as an alternative investment for dealers in financial stock exchanges.