Abstract
This article analyzes the relationship between cryptocurrencies and technology indices. The dataset includes eight different cryptocurrencies selected based on the traded volume and fifteen country technology indices. The analysis is carried out using multivariate regression of each of the cryptocurrencies vs. the technology indices, and Granger causality test. Results show that there exists a significant relationship between cryptocurrencies and different technology indices. We also show that the relationship fails between cryptocurrencies and technology indices if there is a complete ban on trading in cryptocurrencies in a country, and even if there is a partial ban, certainty of laws, integration, and acceptance of the cryptocurrency in the system plays a key role to establish relationship between cryptocurrencies and various technology indices. These findings provide an insight into the cryptocurrency regulations and trades undertaken by speculators.
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