Determinants of Bitcoin prices

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dc.authorid0000-0003-1772-9714
dc.authorid0000-0002-3983-4015
dc.authorid0000-0003-1772-9714en_US
dc.authorid0000-0002-3983-4015en_US
dc.contributor.authorDeniz, E. Asenaen_US
dc.contributor.authorTeker, Dileken_US
dc.date.accessioned2023-01-26T02:28:31Z
dc.date.available2023-01-26T02:28:31Z
dc.date.issued2019-12-30
dc.departmentIşık Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, İşletme Bölümüen_US
dc.departmentIşık University, Faculty of Economics and Administrative Sciences, Department of Managementen_US
dc.description.abstractPurpose - The increase in the popularity of cryptocurrency market, various literature figure out the macroeconomic factors that effect the price movements of cryptocurrencies. This research aims to identify the interaction between gold, brent oil and bitcoin. Methodology - The database includes the Daily prices of Bitcoin, gold and brent oil prices between the period of 28.04.2013-23.07.2019 which consist of 484 daily data. Natural logaritm for each indicator is used. First, the stationarity of the series were analyzed with ADF (Augmented Dickey Fuller) unit root test. Lag lengths are determined. Interactions between the series were analyzed by the ImpulseResponse Function and Variance Decomposition methods. Findings- The series are found out to be stationary at first difference. Impulse response graphs indicate that all variables respond in a reducing way to reducing shocks occurred in each indicator. Shocks have lost their effect on average in 5 days. Conclusion- The results indicate that the effect of gold and brent oil prices on bitcoin daily prices do not have a strong effect. The results may be beneficial for investors to consider diversification for the portfolios.en_US
dc.description.versionPublisher's Versionen_US
dc.identifier.citationDeniz, E. A. & Teker, D. (2019). Determinants of Bitcoin prices. PressAcademia Procedia, 10(1), 17-21. doi:10.17261/Pressacademia.2019.1136en_US
dc.identifier.endpage21
dc.identifier.issn2459-0762en_US
dc.identifier.issue1
dc.identifier.startpage17
dc.identifier.urihttps://hdl.handle.net/11729/5298
dc.identifier.urihttp://dx.doi.org/10.17261/Pressacademia.2019.1136
dc.identifier.volume10
dc.institutionauthorDeniz, E. Asenaen_US
dc.institutionauthorTeker, Dileken_US
dc.language.isoenen_US
dc.peerreviewedYesen_US
dc.publicationstatusPublisheden_US
dc.publisherPressAcademiaen_US
dc.relation.ispartofPressAcademia Procediaen_US
dc.relation.publicationcategoryMakale - Ulusal Hakemli Dergi - Kurum Öğretim Elemanı ve Öğrencien_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectBitcoinen_US
dc.subjectUnit root testsen_US
dc.subjectImpulse responseen_US
dc.subjectVariance decompositionen_US
dc.titleDeterminants of Bitcoin pricesen_US
dc.typeArticleen_US
dspace.entity.typePublication

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