Is Bitcoin Price Driven by Macro-financial Factors and Liquidity? A Global Consumer Survey Empirical Study
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| Format: | Artículo científico |
| Language: | en |
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Vilniaus Universitetas
2021
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| author | Shinta Amalina Hazrati Havidz |
| author_facet | Shinta Amalina Hazrati Havidz |
| contents | Is Bitcoin Price Driven by Macro-financial Factors and Liquidity? A Global Consumer Survey Empirical Study Shinta Amalina Hazrati Havidz Viendya Ervina Karman Indra Yudha Mambea Economía y Finanzas macro Bitcoin price Cryptocurrency liquidity ratio financial factors This research aims to utilize macro-financial and liquidity elements as the factors that may affect the price of Bitcoin as the largest cryptocurrency in terms of market capitalization. The macro-financial factors analyzed in this study were foreign exchange, stock market index, interest rates, and gold, while liquidity ratio is the internal factor. This study applied a fixed-effect model (FEM) and Generalized Method of Moments (GMM) on gathered weekly data from 1 January 2017 to 29 December 2019 from 18 countries with the total of 2,826 observations. The analysis revealed that US Dollar amplifies Bitcoin trading; an increase in interest rate will decrease investors’ intention to invest in Bitcoin as a speculative asset, and gold could replace Bitcoin as a substitute asset. Moreover, Bitcoin was found to be highly liquid, which attracts many investors, while the stock market index proved to be insignificant. 2021 artículo científico 2029-4581 https://www.redalyc.org/articulo.oa?id=692372872007 https://www.redalyc.org/journal/6923/692372872007/ https://www.redalyc.org/journal/6923/692372872007/html/ https://www.redalyc.org/journal/6923/692372872007/692372872007.epub https://www.redalyc.org/journal/6923/692372872007/movil en http://www.redalyc.org/revista.oa?id=6923 Organizations and Markets in Emerging Economies application/pdf Vilniaus Universitetas Organizations and Markets in Emerging Economies (Lituania) Num.2 Vol.12 |
| format | Artículo científico |
| id | redalyc_692372872007 |
| institution | Redalyc |
| language | en |
| publishDate | 2021 |
| publisher | Vilniaus Universitetas |
| spellingShingle | Is Bitcoin Price Driven by Macro-financial Factors and Liquidity? A Global Consumer Survey Empirical Study Shinta Amalina Hazrati Havidz Economía y Finanzas macro Bitcoin price Cryptocurrency liquidity ratio financial factors Is Bitcoin Price Driven by Macro-financial Factors and Liquidity? A Global Consumer Survey Empirical Study Shinta Amalina Hazrati Havidz Viendya Ervina Karman Indra Yudha Mambea Economía y Finanzas macro Bitcoin price Cryptocurrency liquidity ratio financial factors This research aims to utilize macro-financial and liquidity elements as the factors that may affect the price of Bitcoin as the largest cryptocurrency in terms of market capitalization. The macro-financial factors analyzed in this study were foreign exchange, stock market index, interest rates, and gold, while liquidity ratio is the internal factor. This study applied a fixed-effect model (FEM) and Generalized Method of Moments (GMM) on gathered weekly data from 1 January 2017 to 29 December 2019 from 18 countries with the total of 2,826 observations. The analysis revealed that US Dollar amplifies Bitcoin trading; an increase in interest rate will decrease investors’ intention to invest in Bitcoin as a speculative asset, and gold could replace Bitcoin as a substitute asset. Moreover, Bitcoin was found to be highly liquid, which attracts many investors, while the stock market index proved to be insignificant. 2021 artículo científico 2029-4581 https://www.redalyc.org/articulo.oa?id=692372872007 https://www.redalyc.org/journal/6923/692372872007/ https://www.redalyc.org/journal/6923/692372872007/html/ https://www.redalyc.org/journal/6923/692372872007/692372872007.epub https://www.redalyc.org/journal/6923/692372872007/movil en http://www.redalyc.org/revista.oa?id=6923 Organizations and Markets in Emerging Economies application/pdf Vilniaus Universitetas Organizations and Markets in Emerging Economies (Lituania) Num.2 Vol.12 |
| title | Is Bitcoin Price Driven by Macro-financial Factors and Liquidity? A Global Consumer Survey Empirical Study |
| topic | Economía y Finanzas macro Bitcoin price Cryptocurrency liquidity ratio financial factors |
| url | https://www.redalyc.org/articulo.oa?id=692372872007 https://www.redalyc.org/journal/6923/692372872007/ https://www.redalyc.org/journal/6923/692372872007/html/ https://www.redalyc.org/journal/6923/692372872007/692372872007.epub https://www.redalyc.org/journal/6923/692372872007/movil |