M.A. Thesis:

an analysis of bitcoins price dynamics

Abstract Currency cryptocurrencies are an emerging phenomenon of the present age that has made global researchers with new and unexpected concerns if constructed. Bitcoin is an innovation as opposed to the development of the Internet and the realization of an economic idea in the form of a controlled computer program called Blockchain. Due to the increasing recognition of the cryptocurrency and the growing public acceptance of Bitcoin as the largest and most popular cryptocurrency in the world today, the recognition of the nature and factors affecting its price has become more and more apparent. The purpose of the present study is to "analyze the price dynamics of bitcoin" which is available in this regard from the daily date between January 1, 2013 (July 12, 2012) to July 1, 2020 (July 11, 1399) related to the bitcoin price used and test research hypotheses. Has been. Hypothesis research is based on measuring independent variables on the dependent variable. Variable research includes bitcoin price dependent variable (exchange rate between bitcoin and US dollar) as well as independent variables including dollar-euro exchange rate, yuan freight rate, VIX volatility index, S & P500 stock index, oil and gold prices. These two types of important products worldwide, the level of acceptance and search for the word bitcoin in the Google search engine and the technical factor of Hashrit are included. Also, three statistical models were prepared for testing research hypotheses and using Granger collective test (Granger causality test), linear regression, minimum architectural circuits test (OLS) and distributed endowment regression (ARDL) technique model to investigate and use Other models pay. . Finding this study showed that there is a significant relationship between bitcoin price and optimism about the market as well as the amount and volume of bitcoin word searches in Google Trends, but in the specifications of bitcoin price and hashrit technical factor, gold price, oil price, S&P index. 500, the exchange rate of the dollar and the euro, the exchange rate of the dollar and the yuan, and finally the volume of bitcoin mining did not show a significant relationship.

Keywords: Keywords: Bitcoin, S&P 500, VIX, Hash Rate, Mined Volume, Google Trends, Equality Rate