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RESEARCH ON THE INFLUENCE FACTORS OF BITCOIN PRICE: THE INTERNAL AND MACRO FACTORS
Zhang, Li
Zhang, Li
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Thesis/Dissertation
Date
2023-05
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Business Administration/Finance
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http://dx.doi.org/10.34944/dspace/9514
Abstract
This dissertation analyzes the impact of external macro and internal factors on the price of Bitcoin. Employing data from January 1, 2020 to February 28, 2023, this dissertation starts with the system operation of cryptocurrency represented by Bitcoin and uses the Granger causality test of the time series VAR model, impulse response, and variance decomposition to analyze the factors affecting Bitcoin prices. Empirical tests have shown that the price of Bitcoin is affected by both the external macro factors and internal operation mechanism, and there are significant changes in the influencing factors before and after the issuance of the China mining ban in May 2021.
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