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What are the main drivers of the Bitcoin price? : evidence from wavelet coherence analysis
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Kristoufek, Ladislav (2015) What are the main drivers of the Bitcoin price? : evidence from wavelet coherence analysis. PLoS One, Volume 10 (Number 4). Article number e0123923. doi:10.1371/journal.pone.0123923 ISSN 1932-6203.
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Official URL: http://dx.doi.org/10.1371/journal.pone.0123923
Abstract
The Bitcoin has emerged as a fascinating phenomenon in the Financial markets. Without any central authority issuing the currency, the Bitcoin has been associated with controversy ever since its popularity, accompanied by increased public interest, reached high levels. Here, we contribute to the discussion by examining the potential drivers of Bitcoin prices, ranging from fundamental sources to speculative and technical ones, and we further study the potential influence of the Chinese market. The evolution of relationships is examined in both time and frequency domains utilizing the continuous wavelets framework, so that we not only comment on the development of the interconnections in time but also distinguish between short-term and long-term connections. We find that the Bitcoin forms a unique asset possessing properties of both a standard financial asset and a speculative one.
Item Type: | Journal Article | ||||||||
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Subjects: | H Social Sciences > HG Finance | ||||||||
Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School |
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Library of Congress Subject Headings (LCSH): | Bitcoin | ||||||||
Journal or Publication Title: | PLoS One | ||||||||
Publisher: | Public Library of Science | ||||||||
ISSN: | 1932-6203 | ||||||||
Official Date: | 15 April 2015 | ||||||||
Dates: |
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Volume: | Volume 10 | ||||||||
Number: | Number 4 | ||||||||
Number of Pages: | 15 | ||||||||
Article Number: | Article number e0123923 | ||||||||
DOI: | 10.1371/journal.pone.0123923 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||||
Date of first compliant deposit: | 29 December 2015 | ||||||||
Date of first compliant Open Access: | 29 December 2015 | ||||||||
Funder: | Seventh Framework Programme (European Commission) (FP7), Grantová agentura České republiky (GACR), Research Councils UK (RCUK) | ||||||||
Grant number: | FP7-SSH-612955 (FP7), P402/12/G097 (GACR), EP/K039830/1 (RCUK) |
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