  We applied the SVAR-LiNGAM to illustrate the causal relationships between the
spot exchange rate, and three crypto-asset exchange rates, Bitcoin, Ethereum,
and Ripple. It was notable that the causal order, the EUR_USD spot
rate->Bitcoin->Ethereum->Ripple, was obtained by this approach. All the
instantaneous effects were strongly positive. Moreover, it was notable that
Bitcoin can influence the EUR_USD spot rate positively with a one-day time lag.
