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

Author

Listed:
  • Mingchen Li
  • Wencan Lin
  • Yunjie Wei
  • Shouyang Wang
  • Jiani Heng

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.

Suggested Citation

  • Mingchen Li & Wencan Lin & Yunjie Wei & Shouyang Wang & Jiani Heng, 2025. "What affects the price of Bitcoin? Evidence from game theory and machine learning," Applied Economics Letters, Taylor & Francis Journals, vol. 32(6), pages 770-774, March.
    • Handle: RePEc:taf:apeclt:v:32:y:2025:i:6:p:770-774
    DOI: 10.1080/13504851.2023.2289391
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