All topics are not created equal: Sentiment and hype of business media topics and the bitcoin market

Ernest N. Biktimirov and Liana E. Biktimirova

Economics Letters, 2023, vol. 231, issue C

Abstract: Using topic modeling analysis, we identify six bitcoin-related topics - Investing, Bitcoin Market, Regulation, Private Equity, Cybersecurity, and Macroeconomy - discussed in the Wall Street Journal and document differences in their sentiment (polarity) and hype (intensity of coverage) over the 2013–2021 period. Importantly, we find the topics differ not only in strength (significant vs. insignificant) but also in direction (negative vs. positive) and shape (linear vs. non-linear) of their relations to bitcoin returns, trading volume, and volatility.

Keywords: Bitcoin; Media hype; Media sentiment; Topic modeling; Text analysis (search for similar items in EconPapers)
JEL-codes: G12 G40 G41 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:231:y:2023:i:c:s0165176523003361

DOI: 10.1016/j.econlet.2023.111311

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