Bank deposit rates have a bigger impact on peer-to-peer investment returns than other assets such as gold, research has found.

Analysis from European peer-to-peer lending platform Robo.cash studied six investment assets to find a correlation between their returns and P2P market dynamics.

It used the Granger Test, which is a statistical hypothesis test to verify the usefulness of one variable to forecast another.

Read more: Robo.cash sees €600m of loans funded in first quarter

The results showed that the savings rates influence P2P yields more than other factors over a six-month period.

“To develop their business, P2P lending platforms often resort to bank loans for additional funds,” said Robo.cash analysts.

“If the key interest rate rises, then borrowed money becomes more expensive. To remain financially sound, a P2P platform needs to increase its rates too in the short term to avoid unbalancing its debt structure.”

Assets such as currency or gold also have an impact on the dynamics of P2P investing, but to a lesser extent, Robo.cash said.

Read more: Robocash Group revenues rose 16.2pc last year

The higher their potential yield, the lower P2P returns, but the effect of influence is estimated at 15 months or more.

Meanwhile, riskier assets trigger a faster reaction in the P2P sector, with cryptocurrency changes having an impact in just one month.

“The drop in cryptocurrency yields can provide the market with an influx of ‘risky’ investors,” Robo.cash said. “When withdrawing money from digital currency for any reason, investors are more likely to prefer another high yield instrument such as P2P or stocks.”