With the global financial crisis of 2008, new trends have emerged in demand for financial investment instruments and payment methods. Crypto currencies as an alternative to traditional currencies started to use in financial markets as both investment and payment methods. The first of these currencies and the most common of Bitcoin's relationship with the currencies of different countries and the factors affecting the price of this tool have been examined in different studies in previous scientific studies. In the present study, the relationship between the price of Bitcoin in dollar terms and the selected financial indicators of China and Russia, which countries have the potential to affect global markets and the world economy, was examined. For this purpose, monthly frequency data of these countries covering September 2013-September 2018 were analyzed econometrically by creating time series. This series are the US dollar and Chinese yuan exchange rate, the US dollar Russian ruble exchange rate, the Russian and Chinese international reserves, and finally the Bitcoin’s price in US dollars.

In the first stage of the analysis, the stability of the series was analyzed and then a cointegration test was conducted to determine whether there was a long-term relationship between them. As all of the series became stable in their first differences, Johansen cointegration test was applied, and the analysis was continued by using vector error correction model. It was found that there was a cointegrated relationship between the variables.

Keywords: Bitcoin, Dollar/Rouble, Dollar/Yuan, International Reserves, Unit Root Tests, Cointegration Test, Causality Test