Is Bitcoin Price Driven by Macro-financial Factors and Liquidity? A Global Consumer Survey Empirical Study

Havidz, Shinta Amalina Hazrati; Karman, Viendya Ervina; Mambea, Indra Yudha

doi:10.15388/omee.2021.12.62

Cited by 10 publications

(5 citation statements)

References 36 publications

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“…These findings were supported by Dyhrberg (2016) who studied which stock markets had an impact on the Bitcoin price. However, Havidz et al. (2021) argued that the Stock Market Index had a negative but insignificant effect on the Bitcoin price, which contrasted with previous findings.…”

Section: Resultscontrasting

confidence: 78%

“…These findings were supported by Dyhrberg (2016) who studied which stock markets had an impact on the Bitcoin price. However, Havidz et al (2021) argued that the Stock Market Index had a negative but insignificant effect on the Bitcoin price, which contrasted with previous findings. Other factors such as government bond indices and small company stock returns significantly impacted the cryptocurrency returns (Ciner, Lucey, & Yarovaya, 2022).…”

Section: Determinants Of Cryptocurrency Pricingcontrasting

confidence: 78%

“…The results suggested that higher federal fund rates and Chinese interbank rates had a significant impact on both stablecoins and cryptocurrencies, leading to increased price volatility in these markets. Havidz, Karman, and Mambea (2021) also found that the Federal Reserve interest rate negatively affected the price of Bitcoin, with the negative relationship being that a higher Federal Reserve interest rate discouraged investors from investing in Bitcoin as a speculative asset. This finding was consistent with Zhu et al (2017) who stated that an increased interest rate may result in reduced speculative investment by investors.…”

Section: Technologymentioning

confidence: 94%

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A systematic literature review on the determinants of cryptocurrency pricing

Peng,

Prentice,

Shams

et al. 2023

CAFR

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PurposeGiven the cryptocurrency market boom in recent years, this study aims to identify the factors influencing cryptocurrency pricing and the major gaps for future research.Design/methodology/approachA systematic literature review was undertaken. Three databases, Scopus, Web of Science and EBSCOhost, were used for this review. The final analysis comprised 88 articles that met the eligibility criteria.FindingsThe influential factors were identified and categorized as supply and demand, technology, economics, market volatility, investors’ attributes and social media. This review provides a comprehensive and consolidated view of cryptocurrency pricing and maps the significant influential factors.Originality/valueThis paper is the first to systematically and comprehensively review the relevant literature on cryptocurrency to identify the factors of pricing fluctuation. This research contributes to cryptocurrency research as well as to consumer behaviors and marketing discipline in broad.

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Section: Resultscontrasting

confidence: 78%

Section: Determinants Of Cryptocurrency Pricingcontrasting

confidence: 78%

Section: Technologymentioning

confidence: 94%

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A systematic literature review on the determinants of cryptocurrency pricing

Peng,

Prentice,

Shams

et al. 2023

CAFR

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“…We used the robust option in our diff-GMM model. Utilizing GMM as a robustness check was also done (Aiello & Cardamone, 2005;Havidz et al, 2021Havidz et al, , 2022Vo et al, 2022). The model relies on minimal assumptions and provides precise, consistent estimates even in panels with few time-series observations per individual model (Moral-Benito et al, 2019;Wooldridge, 2001).…”

Section: Generalized Methods Of Moments (Gmm) Model For Robustness An...mentioning

confidence: 99%

COVID-19 Vaccination and Fear Indices Impacting on Healthcare Stock Indices Price in Southeast Asia during the Vaccination Rollout

Jeremiah

Setiadi

Havidz

2023

OMEE

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This research aims to investigate the impact of COVID-19 vaccinations and fear indices on healthcare stock index prices in Southeast Asia during the vaccination rollout. The authors analyzed four Southeast Asian countries (i. e., Indonesia, Malaysia, Singapore, and Thailand) during the period of vaccination rollout by using daily weekday data from 1 March to 19 November 2021, with a total of 760 observations. The authors utilized Feasible Generalized Least Squares (FGLS) for the main methodology and incorporated Generalized Method of Moments (GMM) as the robustness check. The authors discovered three findings, including: (1) Increased number of people exploring news around vaccine doses created positive sentiments, while vaccine hesitancy revealed the opposite result; (2) Healthcare stock was found to be a defensive sector during the later period of the COVID-19 pandemic; (3) Many new investors arose during the pandemic, and it led to herding behavior thus, the investors’ decision-making was based on sentiment. It concludes that vaccine dose and hesitancy news can be utilized to manage investors’ portfolio investment in the healthcare sector. The government should disseminate more about the COVID-19 vaccination to citizens to prevent vaccine hesitancy. Investors could consider including healthcare stock in their portfolios to minimize risk during a pandemic. Citizens’ wise usage of social media and cooperation are needed to end the pandemic.

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“…resource, and gold may supplant Bitcoin as a substitute resource(Havidz et al, 2021). Interest rates have a long-term impact on the price of Bitcoin(Harooni & Alvan, 2023).http://dx.doi.org/10.21511/imfi.21(2).2024 19.…”

mentioning

confidence: 99%

US macroeconomic determinants of Bitcoin

Tri Wahyuni,

Ridwan,

Fitrizal Salim

2024

Investment Management and Financial Innovations

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This study aims to determine the impact of macroeconomic variables on bitcoin prices in the United States. Bitcoin is one of the cryptocurrencies that has the highest price and the most users in the United States in recent years. This study uses monthly data on inflation, interest rates, USD/EUR rates, gold prices, and bitcoin prices. To achieve the objectives of this study, Dynamic Conditional Correlation (DCC) and Multivariate Generalized Autoregressive Conditional Heteroscedasticity (MGARCH) were used. The results showed that there is a negative and significant relationship between the variables of inflation, interest rates, and USD/EUR rates affecting the price of Bitcoin in that period. Conversely, there is a positive and significant relationship between the price of gold and the price of Bitcoin in the United States during that period. An in-depth understanding of how macroeconomic factors such as inflation, interest rates and the USD/EUR rates affect Bitcoin price is key to making smart investment decisions in an increasingly complex crypto market. The findings of this analysis confirm that the significant relationship between macroeconomic variables and Bitcoin price provides deeper insights for investors to anticipate market movements and design adaptive investment strategies.

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Is Bitcoin Price Driven by Macro-financial Factors and Liquidity? A Global Consumer Survey Empirical Study

Cited by 10 publications

References 36 publications

A systematic literature review on the determinants of cryptocurrency pricing

A systematic literature review on the determinants of cryptocurrency pricing

COVID-19 Vaccination and Fear Indices Impacting on Healthcare Stock Indices Price in Southeast Asia during the Vaccination Rollout

US macroeconomic determinants of Bitcoin

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