CÁC NHÂN TỐ ẢNH HƯỞNG ĐẾN GIÁ CỦA BITCOIN

Abstract

This research synthesizes previous studies on Bitcoin's price formation and conducts empirical analysis to assess the impact of several factors on the price of this cryptocurrency. After conducting the stationary and cointegration tests, the VEC model was chosen for estimating. With daily data from 2016 to 2020, the results show us what factors are driving Bitcoin price during a volatile period: gold prices and Wikipedia visits have a negative impact while the S&P500 index and miner’s revenue has a positive effect on the Bitcoin price.