How News Affect the Value of Bitcoin

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Jahani, Ali | 2018

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Type of Document: M.Sc. Thesis
Language: Farsi
Document No: 51691 (44)
University: Sharif University of Technology
Department: Management and Economics
Advisor(s): Talebian, Masoud; Hajizadeh, Iman
Abstract:
This research investigates the impact of Bitcoin and cryptocurrency news along with macroeconomic and financial indicators, on Bitcoin price fluctuations for two years (May 2016-2018). The reason for this examination is due to high variations of Bitcoin price in the late 2017 and beginning of 2018, while academic research focusing on Bitcoin price are mostly conducted before 2017. Findings show that the number of news with positive and negative contexts, and news related to cryptocurrency technology have a direct relationship with Bitcoin price change. The other result shows that among news concentrated on Bitcoin, the most effective is regarding adverse incidents, famous people concerns and comments about Bitcoin and also news related to Bitcoin technology and its applications. On the other side, among news related to cryptocurrencies, the most impact is for positive comments and incidents, investment and acceptance, positive records, optimistic analysis and passing any regulations in cryptocurrencies. As the complementary of this research, the WTI oil price index as a representative of the macroeconomic variables has a direct impact on Bitcoin price
Keywords:
Bitcoin ; Cryptocurrency ; Blockchain ; Regression Analysis ; News

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