What affects the price of Bitcoin? Evidence from game theory and machine learning

Mingchen Li, Wencan Lin, Yunjie Wei, Shouyang Wang and Jiani Heng

Applied Economics Letters, 2025, vol. 32, issue 6, 770-774

Abstract: To explain the volatility of the Bitcoin price, a total of 23 elements from four domains (Bitcoin-related indicators, financial market, exchange rates and commodities, and social sentiment) were collected. With the application of machine learning and game theory, experimental results demonstrate that S&P 500 is the most significant factor on the Bitcoin price and the safe haven effect of Bitcoin for the stock market failed when the Bitcoin price rose and the COVID-19 spread.

Date: 2025
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DOI: 10.1080/13504851.2023.2289391

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