Unveiling the Drivers of Bitcoin Volatility: The Impact of Covid-19 and Trump’s Presidency
This thesis investigates the factors driving Bitcoin’s volatility over the period 2019 to 2025. A period marked by heightened economic uncertainty, including both the Covid-19 pandemic and the Trump election period. Utilizing GARCH-X (1,1) and EGARCH-X (1,1) models, the paper finds five statistically significant drivers of volatility; VIX, S&P 500, Gold, U.S. dollar index (DXY) and Google sear
