Linkage Analysis Between Bitcoin and Nasdaq Index Based on ARIMAX Model

Abstract

Bitcoin is currently the most widely used encryption currency in the world, and the Nasdaq Index, as the world's first stock market to use electronic trading, has a certain impact on the price of Bitcoin.Based on the Bitcoin closing price and Nasdaq index data from January 2020 to May 2022, this paper predicts the price of Bitcoin by using ARIMA and ARIMAX models respectively.The linkage was confirmed by the correlation test, and the fitting and prediction effect of the ARIMAX model with the Nasdaq index as the input variable were better than the ARIMA model.