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- Title
Blockchain Analiz Göstergelerinin Bitcoin Fiyatı Üzerindeki Etkisi.
- Authors
KALKAN, Yunus; TATLI, Halim
- Abstract
Bitcoin is the first successful cryptocurrency that has attracted the most attention in the Blockchain market, which has managed to attract many users. The extremely volatile nature of the Bitcoin price has prompted researchers to study Bitcoin price movements and has enabled a lot of work to be done on this issue. In this thesis, it contains analyzes aimed at understanding the direction of Bitcoin price movements using some variables that determine the Bitcoin price. January December 2021 -- January 2012 For the analysis period of the study, time series consisting of the data of the last day of each month covering the dates were used. Bitcoin price, dependent variable; Spent Output Profit Ratio (SOPR), Miner Profitability (PM), Bitcoin Active Address (BAA), Google Trends (GT) and Dow Jones Stock Exchange Industry Index (DJIA) were selected as independent variables. The stationarity levels of the variables of the study were determined first, then the ARDL Boundary Test and Toda-Yamamoto Causality Test were applied to reach the results of the analysis. According to the short and long-term findings of the ARDL (3,0,3,0,0,0) model obtained: In the short term, SOPR, PM and BAA variables, which are specific to the Blockchain network, have been found to have a significant positive effect on the Bitcoin price. There was no significant relationship between lnDJIA and GT variables and Bitcoin price. In the long term, while SOPR, PM, lnDJIA and BAA were significantly and positively associated with Bitcoin price, no significant relationship was found with GT. According to the Toda-Yamamoto test results, a two-way Granger causality relationship was found between the Bitcoin Price and the SOPR variable, and a one-way Granger causality relationship between the BAA variable.
- Subjects
PRICES; BITCOIN; STOCK exchanges; CRYPTOCURRENCIES; DOW Jones industrial average; TIME series analysis
- Publication
International Journal of Economic & Social Research, 2022, Vol 18, Issue 2, p109
- ISSN
1306-2174
- Publication type
Article