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What drives Bitcoin price?

Listed author(s):
  • Jamal Bouoiyour

    ()

    (University of Pau)

  • Refk Selmi

    ()

    (Tunis Business School)

  • Aviral Kumar Tiwari

    ()

    (IFHE University IBS Hyderabad)

  • Olaolu Richard Olayeni

    ()

    (Obafemi Awolowo University)

The cryptocurrencies increased in popularity and have become nowadays well known to a wide audience. This article seeks to assess the issue of Bitcoin price formation from a novel perspective. We use a new technique called Empirical Mode Decomposition (EMD) with which a complicated data set can be disentangled into a small number of independent and concretely implicational intrinsic modes that admit well-behaved Hilbert transforms. Even though Bitcoin is usually labelled as a purely speculative asset, EMD views that it is extremely driven by long-term fundamentals (above one year)

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File URL: http://www.accessecon.com/Pubs/EB/2016/Volume36/EB-16-V36-I2-P82.pdf
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Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 36 (2016)
Issue (Month): 2 ()
Pages: 843-850

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Handle: RePEc:ebl:ecbull:eb-16-00311
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  1. Pavel Ciaian & Miroslava Rajcaniova & d’Artis Kancs, 2016. "The economics of BitCoin price formation," Applied Economics, Taylor & Francis Journals, vol. 48(19), pages 1799-1815, April.
  2. Jamal Bouoiyour & Refk Selmi, 2015. "What Does Bitcoin Look Like?," Annals of Economics and Finance, Society for AEF, vol. 16(2), pages 449-492, November.
  3. Bouoiyour, Jamal & Selmi, Refk & Tiwari, Aviral, 2014. "Is Bitcoin business income or speculative bubble? Unconditional vs. conditional frequency domain analysis," MPRA Paper 59595, University Library of Munich, Germany.
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