The driving forces behing the prices of major cryptocurrencies: Evidence for the past five years

IF 1 Q4 MANAGEMENT

Intangible Capital Pub Date : 2024-05-21 DOI:10.3926/ic.2575

Medina Ayta Mohammed, Carmen de Pablos Heredero, José Luis Montes Botella

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引用次数: 0

Abstract

Purpose: The primary objective of this study is to uncover the complex relationship between cryptocurrency prices and significant global events that transpired within the past five years. These events encompass a wide spectrum, including political and global health crises, the public disclosure of multinational enterprises' investments in cryptocurrencies, and the influence of macroeconomic indicators. Beyond the exclusive focus on Bitcoin, this study adopts a more comprehensive approach encompassing various cryptocurrencies.Design/methodology/approach: This study examines the effects of the disclosure of cryptocurrency adoption plans by major corporations, the Russian-Ukraine war, Covid-19, Inflation rate, and Economic policy uncertainty within the U.S., U.K., and E.U on cryptocurrency prices (Bitcoin, Ethereum, and Binance coin) using a structural equation model over the past five years.Findings: Our findings provided several compelling insights. Most notably, during the study period major corporations’ adoption of cryptocurrencies positively influenced their price. Furthermore, a negative and significant association emerges between cryptocurrency prices and periods marked by economic policy uncertainty and inflation rates in the countries under investigation (U.S., U.K., and E.U). The results are robust under variations in sample composition and changes in sets of variables.Originality/value: The study uncovered the complex relationship between cryptocurrency price fluctuations and significant global events that transpired within the past five years by taking the factors identified in previous literature as a whole and adding new variables that are not well studied, such as the effect of Russian-Ukraine War and multinational corporations revealing cryptocurrency adoption intention on the prices of cryptocurrencies. This study represents a pivotal contribution by bridging a crucial research void and providing theoretical insights into the legal considerations to be undertaken by policymakers, and informed investment practices by traders, and corporate leaders.

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主要加密货币价格的驱动力：过去五年的证据

目的：本研究的主要目的是揭示加密货币价格与过去五年间发生的重大全球事件之间的复杂关系。这些事件的范围很广，包括政治和全球健康危机、跨国企业对加密货币投资的公开披露以及宏观经济指标的影响。本研究除了关注比特币之外，还采用了一种涵盖各种加密货币的更全面的方法：本研究采用结构方程模型，考察了过去五年中各大公司披露加密货币采用计划、俄乌战争、Covid-19、通货膨胀率以及美国、英国和欧盟经济政策不确定性对加密货币（比特币、以太坊和 Binance 币）价格的影响：我们的研究结果提供了一些令人信服的见解。最值得注意的是，在研究期间，大公司采用加密货币对其价格产生了积极影响。此外，加密货币的价格与被调查国家（美国、英国和欧盟）的经济政策不确定性和通货膨胀率之间存在着显著的负相关关系。研究结果在样本组成变化和变量组变化的情况下都是稳健的：该研究将以往文献中确定的因素作为一个整体，并增加了一些未被充分研究的新变量，如俄乌战争和跨国公司披露的加密货币采用意向对加密货币价格的影响，从而揭示了加密货币价格波动与过去五年中发生的重大全球事件之间的复杂关系。本研究填补了一项重要的研究空白，为政策制定者的法律考量以及交易商和企业领导者的知情投资实践提供了理论见解，是一项关键性的贡献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Intangible Capital MANAGEMENT-

CiteScore

1.50

自引率

16.70%

发文量

审稿时长

33 weeks

期刊介绍： The aim of Intangible Capital is to publish theoretical and empirical articles that contribute to contrast, extend and build theories that contribute to advance our understanding of phenomena related with management, and the management of intangibles, in organizations, from the perspectives of strategic management, human resource management, psychology, education, IT, supply chain management and accounting. The scientific research in management is grounded on theories developed from perspectives taken from a diversity of social sciences. Intangible Capital is open to publish articles that, from sociology, psychology, economics and industrial organization contribute to the scientific development of management and organizational science. Intangible Capital publishes scholar articles that contribute to contrast existing theories, or to build new theoretical approaches. The contributions can adopt confirmatory (quantitative) or explanatory (mainly qualitative) methodological approaches. Theoretical essays that enhance the building or extension of theoretical approaches are also welcome. Intangible Capital selects the articles to be published with a double bind, peer review system, following the practices of good scholarly journals. Intangible Capital publishes three regular issues per year following an open access policy. On-line publication allows to reduce publishing costs, and to make more agile the process of reviewing and edition. Intangible Capital defends that open access publishing fosters the advance of scientific knowledge, making it available to everyone. Intangible Capital publishes articles in English, Spanish and Catalan.