“…The external factors as political considerations, which includes legalization (adaptation) [Murphy, 2015;Cvetkova, 2018], restrictions [Schueffel, & Hammer, 2020]; cryptocurrency market influences like as cryptocurrency market (capitalization) [Sovbetov, 2018;Poyser, 2019], cryptocurrency withdrawal [Ji, Bouri, Kristoufek, & Lucey, 2019]; bitcoin attractiveness [das Neves, 2020, Guizani &Nafti, 2019Ciaian, Rajcaniova & Kancs, 2014], investor's sentiments [Poyser, 2019]; market trends and speculations [Blau, 2018;Lansky, 2016], as well as the macrofinancial, which include stock markets (global market spill overs and volatility) [Liang et al, 2020], macroeconomic [Guizani & Nafti, 2019]; exchange rates [Ji et al, 2019]; financial assets and commodities as gold price [Liu, & Tsyvinski, 2021;Deniz, 2019;; macroeconomic news [Guizani & Nafti, 2019]; and social media attention [Liu, & Tsyvinski, 2021;Luu & Huynh, 2019;, including information demand (google search) [Aalborg et al, 2018] and Twitters tweets [Shen, Urquhart & Wang, 2019].…”