What are The Financial and Technologic Determinants of Cryptocurrency Prices? The Case of Bitcoin
Yıl: 2021 Cilt: 25 Sayı: 1 Sayfa Aralığı: 11 - 22 Metin Dili: İngilizce İndeks Tarihi: 08-06-2021
What are The Financial and Technologic Determinants of Cryptocurrency Prices? The Case of Bitcoin
Öz: Blockchain is distributed database provides encrypted transaction tracking. Similarly, Crypto money or cryptocurrency can be defined as digital currency or asset designed as alternative exchange tool, which uses cryptography to secure transactions based onblockchain database systematic is traded like cash. Moreover, without having central control system and authority, Bitcoin attracts investors more and more with this feature. In this context, the importance of this study may well explain factors affectingcryptocurrency prices in Bitcoin specific. It is used while choosing variables that determine Bitcoin prices, not only financial and economic factors, but also Bitcoin mining and Bitcoin Google Trend Index. While electricity unit costs from variables are included in model design; It is thought that electrical energy costs consumed by CPUs and GPUs of computers used by Bitcoin miners may have impact on Bitcoin prices In this study, bitcoin prices were modeled primarily with Box-Jenkins method with using between 2015-2020 daily data. In this study, it has been conducted with chosen control variables which are Gold unit prices, oil prices, Euro / Dollar parity, S&P 500 Index, LIBOR, Bitcoin Google Trend Index and electricity unit costs were determined as control variables and their effect on bitcoin prices was analyzed based on the Box-Jenkins model. Box-Jenkins modelling is chosen because this model has more power on forecasting future values with using AR and MA process together.
Anahtar Kelime: Kripto Para Fiyatlarının Finansal ve Teknolojik Belirleyicileri Nelerdir? Bitcoin Örneği
Öz: Blockchain dağıtılmış veritabanı şifreli işlem takibi sağlayan bir sistemdir. Benzer şekilde, Kripto para nakit gibi işlem gören blockchain veritabanı sistematiğine dayalı,işlemleri güvence altına almak için kriptografi kullanan ve alternatif takas aracı olarak tasarlanmış dijital para birimi olarak tanımlanabilir. Bitcoin’inmerkezi kontrol sistemi olmayan bu özelliğiyatırımcıları giderek daha çok cezbetmektedir. Bu bağlamdabu çalışma, Bitcoin özelinde kripto parafiyatlarını etkileyen faktörleriaçıklayabilir. Bitcoin fiyatlarını belirleyendeğişkenlerin seçiminde,finansal ve ekonomik faktörlerin yanı sıra, Bitcoin madenciliği veBitcoin Google Trend Endeksigibi değişkenlerde kullanılmıştır. Model tasarımında değişkenlerden elektrik birim maliyetleri yer alırken; Bitcoin madencileri tarafından kullanılan bilgisayarların CPU'ları tarafından tüketilen elektrik enerjisi maliyetlerinin Bitcoin fiyatları üzerinde etkili olabileceği düşünülmektedir.Bu çalışmada 2015-2020 arası günlük veriler kullanılarak Bitcoin fiyatları öncelikle Box-Jenkins yöntemi ile modellenmiştir. Çalışmada, kontrol değişkenler olarak Altınfiyatları, petrol fiyatları, Euro / Dolar paritesi, S&P 500 Endeksi, LIBOR, Bitcoin Google Trend Endeksi ve elektrik birim maliyetleri kullanılmıştır.Bu modelin seçilmesinin nedeniAR ve MA sürecini birlikte kullanarak gelecekteki değerleri tahmin etmede daha fazla güce sahip olmasıdır.
Anahtar Kelime: Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
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| APA | GÜLHAN Ü, TEMURLENK M (2021). What are The Financial and Technologic Determinants of Cryptocurrency Prices? The Case of Bitcoin. , 11 - 22. |
| Chicago | GÜLHAN ÜNAL,TEMURLENK Mehmet Sinan What are The Financial and Technologic Determinants of Cryptocurrency Prices? The Case of Bitcoin. (2021): 11 - 22. |
| MLA | GÜLHAN ÜNAL,TEMURLENK Mehmet Sinan What are The Financial and Technologic Determinants of Cryptocurrency Prices? The Case of Bitcoin. , 2021, ss.11 - 22. |
| AMA | GÜLHAN Ü,TEMURLENK M What are The Financial and Technologic Determinants of Cryptocurrency Prices? The Case of Bitcoin. . 2021; 11 - 22. |
| Vancouver | GÜLHAN Ü,TEMURLENK M What are The Financial and Technologic Determinants of Cryptocurrency Prices? The Case of Bitcoin. . 2021; 11 - 22. |
| IEEE | GÜLHAN Ü,TEMURLENK M "What are The Financial and Technologic Determinants of Cryptocurrency Prices? The Case of Bitcoin." , ss.11 - 22, 2021. |
| ISNAD | GÜLHAN, ÜNAL - TEMURLENK, Mehmet Sinan. "What are The Financial and Technologic Determinants of Cryptocurrency Prices? The Case of Bitcoin". (2021), 11-22. |
| APA | GÜLHAN Ü, TEMURLENK M (2021). What are The Financial and Technologic Determinants of Cryptocurrency Prices? The Case of Bitcoin. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 25(1), 11 - 22. |
| Chicago | GÜLHAN ÜNAL,TEMURLENK Mehmet Sinan What are The Financial and Technologic Determinants of Cryptocurrency Prices? The Case of Bitcoin. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 25, no.1 (2021): 11 - 22. |
| MLA | GÜLHAN ÜNAL,TEMURLENK Mehmet Sinan What are The Financial and Technologic Determinants of Cryptocurrency Prices? The Case of Bitcoin. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, vol.25, no.1, 2021, ss.11 - 22. |
| AMA | GÜLHAN Ü,TEMURLENK M What are The Financial and Technologic Determinants of Cryptocurrency Prices? The Case of Bitcoin. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi. 2021; 25(1): 11 - 22. |
| Vancouver | GÜLHAN Ü,TEMURLENK M What are The Financial and Technologic Determinants of Cryptocurrency Prices? The Case of Bitcoin. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi. 2021; 25(1): 11 - 22. |
| IEEE | GÜLHAN Ü,TEMURLENK M "What are The Financial and Technologic Determinants of Cryptocurrency Prices? The Case of Bitcoin." Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 25, ss.11 - 22, 2021. |
| ISNAD | GÜLHAN, ÜNAL - TEMURLENK, Mehmet Sinan. "What are The Financial and Technologic Determinants of Cryptocurrency Prices? The Case of Bitcoin". Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 25/1 (2021), 11-22. |
