Bitcoin Price Bubbles and The Factors Driving Bitcoin Price Formation

Basit Öğe Kaydı
dc.contributor.authorAkkaya, Murat
dc.date.accessioned2025-03-09T10:48:39Z
dc.date.available2025-03-09T10:48:39Z
dc.date.issued2024
dc.departmentİstanbul Beykent Üniversitesi
dc.description.abstractBitcoin, one of the most discussed events of recent times, is the first cryptocurrency to be released. Bitcoin has the biggest market capitalization in the cryptocurrencies, and it is a decentralized payment tool that cannot be controlled by any government institution. Cryptocurrencies operate on top of a decentralized network, recording and verifying transactions using Blockchain. Many bubble price formations occurred in financial markets throughout history. Cryptocurrency markets are prone to manipulation because they are not connected to any center. This study aims to to investigate the bubble formations in Bitcoin (BTC) US Dollar price for the period of 11 December 2017 - 31 July 2023, and determine the main financial variables affecting Bitcoin prices. ARDL Bounds test proves the cointegration between Bitcoin price and dependent variables. Error Correction Model determines a positive connection between BTC and the Nasdaq100 index. A daily change in the Nasdaq100 index leads to a 0.58% increase in BTC price. The model captures also a negative relationship between the Volatility Index, USD Index and BTC price. No long-term relationship emerges in the results. In the long run, unique and different variables shape BTC price formation.
dc.identifier.doi10.21121/eab.20240413
dc.identifier.issn1303-099X
dc.identifier.issue4
dc.identifier.scopusqualityN/A
dc.identifier.trdizinid1284359
dc.identifier.urihttps://doi.org/10.21121/eab.20240413
dc.identifier.urihttps://search.trdizin.gov.tr/tr/yayin/detay/1284359
dc.identifier.urihttps://hdl.handle.net/20.500.12662/4634
dc.identifier.volume24
dc.identifier.wosWOS:001367388600002
dc.identifier.wosqualityN/A
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakTR-Dizin
dc.institutionauthorAkkaya, Murat
dc.language.isoen
dc.publisherEge Univ, Fac Economics & Admin Sciences
dc.relation.ispartofEge Academic Review
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.snmzKA_WOS_20250310
dc.subjectCryptocurrency
dc.subjectBitcoin
dc.subjectPrice Bubble
dc.subjectFinancial Modeling
dc.subjectARDL Model
dc.titleBitcoin Price Bubbles and The Factors Driving Bitcoin Price Formation
dc.typeArticle

Dosyalar

Koleksiyon

WoS İndeksli Yayınlar Koleksiyonu
TR-Dizin İndeksli Yayınlar Koleksiyonu