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How Do Large Stakes Influence Bitcoin Performance? : Evidence from the Mt.Gox Liquidation Case

Title data

Kremser, Thomas ; Radszuwill, Sven ; Schweizer, André ; Steffek, Bernhard:
How Do Large Stakes Influence Bitcoin Performance? : Evidence from the Mt.Gox Liquidation Case.
2019
Event: 27th European Conference on Information Systems (ECIS) , 08.-14.06.2019 , Stockholm and Uppsala, Sweden.
(Conference item: Conference , Speech )

Official URL: Volltext

Abstract in another language

Bitcoin as the first and still most important decentralized cryptocurrency has gained wide popular-ity due to the steep rise of its price during the second half of 2017. Because of its digital nature, Bitcoin cannot be valuated exclusively with fundamental approaches, which is why factors such as investor sentiment have become a common alternative to capture its performance. In this work, we studied whether and how the sale of Bitcoins from the insolvency assets of Mt.Gox, which represent about 1.1% of the current global total, relates to Bitcoin price movements. We used social media sentiment analysis of Twitter data to examine how investors are influenced in their decision to buy or sell Bitcoin when confronted with the trade actions of Nobuaki Kobayashi, the trustee in charge of the Mt.Gox case. We built a vector error correction model to analyse the long-run relationship between cointegrated variables. Our analysis confirms the positive association of Bitcoin perfor-mance with positive Twitter sentiment and tweet volume and the negative association with negative sentiment. We further found empirical evidence that Mt.Gox selloff events have a lasting negative impact on the Bitcoin price and that we can measure this effect by Twitter sentiment and tweet volume.

Further data

Item Type: Conference item (Speech)
Refereed: Yes
Keywords: Bitcoin; Sentiment Analysis; Blockchain; Event Study; Mt.Gox
Institutions of the University: Faculties > Faculty of Law, Business and Economics > Department of Business Administration
Faculties > Faculty of Law, Business and Economics > Department of Business Administration > Professorship Business Informations Systems and sustainable IT management
Faculties > Faculty of Law, Business and Economics > Department of Business Administration > Professorship Business Informations Systems and sustainable IT management > Professorship Business Informations Systems and sustainable IT management- Univ.-Prof. Dr. Gilbert Fridgen
Research Institutions
Research Institutions > Affiliated Institutes
Research Institutions > Affiliated Institutes > Fraunhofer Project Group Business and Information Systems Engineering
Research Institutions > Affiliated Institutes > FIM Research Center Finance & Information Management
Result of work at the UBT: Yes
DDC Subjects: 000 Computer Science, information, general works > 004 Computer science
300 Social sciences > 330 Economics
Date Deposited: 13 Jun 2019 06:49
Last Modified: 13 Jun 2019 06:49
URI: https://eref.uni-bayreuth.de/id/eprint/49507