The Effect of News About Bitcoin and Crypto Coins on Bitcoin Prices

Türker Teker, Ayşen Konuşkan, Vesile Ömürbek and İsmail Bekçi
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Türker Teker: Süleyman Demi̇rel University
Vesile Ömürbek: Süleyman Demi̇rel University
İsmail Bekçi: Süleyman Demi̇rel University

Journal of Finance Letters (Maliye ve Finans Yazıları), 2020, vol. 35, issue 113, 65-74

Abstract: Bitcoin stands out as which is most daily trade cryptocurrency in the market. In this study, we have examined the effects of all negative or positive news about bitcoin on changes of daily closing price, daily highest price and daily trading volume of bitcoin. News about bitcoin and cryptocurrencies published on yahoofinance.com and bloomberg.com web pages between may 2018 and december 2018 were evaluated. The results of the study show that positive and negative news about crypto currencies and bitcoin do not cause a significant difference on bitcoin prices and transaction volumes.

Keywords: Bitcoin; Crypto Money; Mann- Whitney U (search for similar items in EconPapers)
JEL-codes: F1 F3 G0 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:acc:malfin:v:35:y:2020:i:113:p:65-74

DOI: 10.33203/mfy.567989

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