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How can Bitcoin Price Fluctuations be Explained?

dc.contributor.authorKjærland, Frode
dc.contributor.authorMeland, Maria
dc.contributor.authorOust, Are
dc.contributor.authorØyen, Vilde
dc.date.accessioned2018-06-04T12:42:31Z
dc.date.available2018-06-04T12:42:31Z
dc.date.created2018-05-20T11:34:10Z
dc.date.issued2018
dc.identifier.citationInternational Journal of Economics and Financial Issues. 2018, 8 (3), 323-332.nb_NO
dc.identifier.issn2146-4138
dc.identifier.urihttp://hdl.handle.net/11250/2500190
dc.description.abstractThe purpose of this study is to uncover factors that explain Bitcoin’s price fluctuations. The price of the cryptocurrency Bitcoin is volatile and has increased from zero in 2009 to more than 19500 USD in December 2017. To explain the price movements we have estimated two Autoregressive Distributed Lag models by using Ordinary Least Squares regression. The data includes 279 weekly observations from 18.09.2011 to 05.02.2017 (before the extreme development from the summer of 2017). The dependent variable is the Bitcoin price and the analysis has examined nine independent variables. Our main finding and contribution is that political incidents and statements (“shocks”) are significant drivers of Bitcoin’s price. Moreover, the volume of Bitcoin and Bitcoin’s price has a significant, negative relationship. The interest of Bitcoin, measured by Google searches, has a positive, significant relationship with Bitcoin’s price. The study does not find evidence for Bitcoin being a safe haven investment.nb_NO
dc.language.isoengnb_NO
dc.publisherEconJournalsnb_NO
dc.relation.urihttp://econjournals.com/index.php/ijefi/article/view/6446
dc.rightsNavngivelse 4.0 Internasjonal*
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/deed.no*
dc.titleHow can Bitcoin Price Fluctuations be Explained?nb_NO
dc.typeJournal articlenb_NO
dc.typePeer reviewednb_NO
dc.description.versionpublishedVersionnb_NO
dc.source.pagenumber323-332nb_NO
dc.source.volume8nb_NO
dc.source.journalInternational Journal of Economics and Financial Issuesnb_NO
dc.source.issue3nb_NO
dc.identifier.cristin1585680
dc.description.localcodeIJEFI adopts an Open Access policy complying with the definition laid out by the Budapest Open Access Initiative (BOAI). Terms and conditions of Creative Commons Attribution 4.0 International License apply to all published manuscripts. This Journal is licensed under a Creative Commons Attribution 4.0 International License. This licence allows authors to use all articles, data sets, graphics and appendices in data mining applications, search engines, web sites, blogs and other platforms by providing appropriate reference. The journal allows the author(s) to hold the copyright without restrictions and the authors will retain publishing rights without restrictions.nb_NO
cristin.unitcode194,60,10,0
cristin.unitnameNTNU Handelshøyskolen
cristin.ispublishedtrue
cristin.fulltextpostprint
cristin.qualitycode1


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