Scopus İndeksli Yayınlar Koleksiyonu
Permanent URI for this collectionhttps://hdl.handle.net/20.500.12573/395
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Article Citation - WoS: 7Citation - Scopus: 8Whether and When Did Bitcoin Sentiment Matter for Investors? Before and During the COVID-19 Pandemic(Springer, 2023-12-21) Aysan, Ahmet Faruk; Mugaloglu, Erhan; Polat, Ali Yavuz; Tekin, HasanUsing a wavelet coherence approach, this study investigates the relationship between Bitcoin return and Bitcoin-specific sentiment from January 1, 2016 to June 30, 2021, covering the COVID-19 pandemic period. The results reveal that before the pandemic, sentiment positively drove prices, especially for relatively higher frequencies (2-18 weeks). During the pandemic, the relationship was still positive, but interestingly, the lead-lag relationship disappeared. Employing partial wavelet tools, we factor out the number of COVID-19 cases and deaths and the Equity Market Volatility Infectious Disease Tracker index to observe the direct relationship between a change in sentiment and return. Our results robustly reveal that, before the pandemic, sentiment had a positive effect on return. Although positive coherence still existed during the pandemic, the lead-lag relationship disappeared again. Thus, the causal relationship that states that sentiment leads to return can only be integrated into short-term trading strategies (up to six weeks frequency).Article Citation - WoS: 56Citation - Scopus: 67Are Clean Energy and Carbon Emission Allowances Caused by Bitcoin? A Novel Time-Varying Method(Elsevier Sci Ltd, 2022) Dogan, Eyup; Majeed, Muhammad Tariq; Luni, TaniaThe bitcoin market has substantially grown in recent years. The researchers are exploring its various repercussions for socioeconomic and political matters; however, the literature still lacks clear evidence on how bitcoin interacts with energy and the environment. This study aims to explore the causal relationship between bitcoin, clean energy, and carbon emissions allowances by applying the novel time-varying Granger causality test on the daily data spanning from Sept 17, 2014, to October 12, 2021. The empirical findings confirm that both clean energy and emission allowances are causally associated with bitcoin. However, this causal relationship varies over time and the duration of causality is longer as suggested by the recursive evolving procedure. The outcome is robust when bitcoin is measured by the volume and the price. Furthermore, the results obtained from robustness analysis conducted through heteroskedastic consistent test also validate the findings that bitcoin causes clean energy and carbon allowance. The findings offer a platform for government officials and policy managers to improve clean energy and carbon allowance markets for sustainable development by managing and using the tools to control and regulate cryptocurrency markets.