Can Elon Mask's Twitter Posts About Cryptocurrencies Influence Cryptocurrency Markets by Creating a Herding Behavior Bias?
Yıl: 2022 Cilt: 6 Sayı: 1 Sayfa Aralığı: 215 - 228 Metin Dili: İngilizce DOI: 10.25295/fsecon.1028730 İndeks Tarihi: 30-09-2022
Can Elon Mask's Twitter Posts About Cryptocurrencies Influence Cryptocurrency Markets by Creating a Herding Behavior Bias?
Öz: The main purpose of this study is to examine the effects of Elon Mask's Twitter posts about cryptocurrencies on cryptocurrency markets within the scope of herding behavior bias. For this purpose, the daily price values and transaction volumes of Bitcoin and Dogecoin are analyzed by applying the EGARCH models. The results show that Elon Musk's positive Twitter posts increase dogecoin's volatility more than bitcoin in terms of price and trading volume. In addition, the effect of positive tweets has been found to increase Bitcoin and Dogecoin prices and their market transactions. According to the results, while negative tweet sharing negatively affects bitcoin returns, it manifests itself with an increase in volatility after a certain period of time. Another result is that the Dogecoin return and negative tweet interaction vary according to time intervals, but the presence of the effect on volatility cannot be determined. It is also concluded that after the negative tweet, both bitcoin and dogecoin transaction volumes increased in the first days, but their volatility was not affected. The results are important in terms of showing the effects of an influential person's social media posts on the financial markets by creating a herd behavior effect. Revealing the "influential person effect" as a behavioral finance bias is seen as the originality of the study. It is thought that the findings can be evaluated in terms of pointing out a factor that may pose a potential risk to financial stability in the global sense.
Anahtar Kelime: Elon Musk’ın Kripto Paralar Hakkındaki Twitter Mesajları Bir Sürü Davranışı Eğilimi Yaratarak Kripto Para Piyasalarını Etkileyebilir mi?
Öz: Bu çalışmanın temel amacı, Elon Mask'in kripto paralar ile ilgili Twitter paylaşımlarının kripto para piyasaları üzerindeki etkilerini sürü davranışı eğilimi kapsamında incelemektir. Bu amaçla Bitcoin ve Dogecoin'in günlük fiyat değerleri ve işlem hacimleri EGARCH modelleri uygulanarak analiz edilmiştir. Sonuçlar, Elon Musk'ın olumlu içerikli Twitter gönderilerinin, fiyat ve işlem hacmi açısından dogecoin'in oynaklığını bitcoin'den daha fazla artırdığını göstermektedir. Ayrıca olumlu tweetlerinin etkisi, Bitcoin ve Dogecoin fiyatlarının ve bunlara ait piyasa işlemlerinin artmasına neden olduğu tespit edilmiştir. Sonuçlara göre olumsuz tweet paylaşımı bitcoin getirilerini olumsuz etkilerken belli bir süre sonra oynaklığın artmasıyla kendini göstermektedir. Diğer bir sonuç ise Dogecoin getirisi ve negatif tweet etkileşiminin zaman aralıklarına göre değişiklik göstermesi ancak volatilite üzerindeki etkisinin varlığının tespit edilememesidir. Ayrıca olumsuz tweetin ardından hem bitcoin hem de dogecoin işlem hacimlerinin ilk günlerde arttığı ancak oynaklıklarının etkilenmediği sonucuna varılmaktadır. Sonuçlar, etkili bir kişinin sosyal medya paylaşımlarının bir sürü davranışı etkisi oluşturarak bunun finansal piyasalar üzerindeki etkilerini göstermesi açısından önemlidir. “Etkili kişi etkisinin” davranışsal finans yanlılığı olarak ortaya çıkarılması çalışmanın özgünlüğü olarak görülmektedir. Bulguların küresel anlamda finansal istikrar için potansiyel risk oluşturabilecek bir faktöre işaret etmesi açısından değerlendirilebileceği düşünülmektedir.
Anahtar Kelime: Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
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| APA | HAMURCU C (2022). Can Elon Mask's Twitter Posts About Cryptocurrencies Influence Cryptocurrency Markets by Creating a Herding Behavior Bias?. , 215 - 228. 10.25295/fsecon.1028730 |
| Chicago | HAMURCU CAGRI Can Elon Mask's Twitter Posts About Cryptocurrencies Influence Cryptocurrency Markets by Creating a Herding Behavior Bias?. (2022): 215 - 228. 10.25295/fsecon.1028730 |
| MLA | HAMURCU CAGRI Can Elon Mask's Twitter Posts About Cryptocurrencies Influence Cryptocurrency Markets by Creating a Herding Behavior Bias?. , 2022, ss.215 - 228. 10.25295/fsecon.1028730 |
| AMA | HAMURCU C Can Elon Mask's Twitter Posts About Cryptocurrencies Influence Cryptocurrency Markets by Creating a Herding Behavior Bias?. . 2022; 215 - 228. 10.25295/fsecon.1028730 |
| Vancouver | HAMURCU C Can Elon Mask's Twitter Posts About Cryptocurrencies Influence Cryptocurrency Markets by Creating a Herding Behavior Bias?. . 2022; 215 - 228. 10.25295/fsecon.1028730 |
| IEEE | HAMURCU C "Can Elon Mask's Twitter Posts About Cryptocurrencies Influence Cryptocurrency Markets by Creating a Herding Behavior Bias?." , ss.215 - 228, 2022. 10.25295/fsecon.1028730 |
| ISNAD | HAMURCU, CAGRI. "Can Elon Mask's Twitter Posts About Cryptocurrencies Influence Cryptocurrency Markets by Creating a Herding Behavior Bias?". (2022), 215-228. https://doi.org/10.25295/fsecon.1028730 |
| APA | HAMURCU C (2022). Can Elon Mask's Twitter Posts About Cryptocurrencies Influence Cryptocurrency Markets by Creating a Herding Behavior Bias?. Fiscaoeconomia, 6(1), 215 - 228. 10.25295/fsecon.1028730 |
| Chicago | HAMURCU CAGRI Can Elon Mask's Twitter Posts About Cryptocurrencies Influence Cryptocurrency Markets by Creating a Herding Behavior Bias?. Fiscaoeconomia 6, no.1 (2022): 215 - 228. 10.25295/fsecon.1028730 |
| MLA | HAMURCU CAGRI Can Elon Mask's Twitter Posts About Cryptocurrencies Influence Cryptocurrency Markets by Creating a Herding Behavior Bias?. Fiscaoeconomia, vol.6, no.1, 2022, ss.215 - 228. 10.25295/fsecon.1028730 |
| AMA | HAMURCU C Can Elon Mask's Twitter Posts About Cryptocurrencies Influence Cryptocurrency Markets by Creating a Herding Behavior Bias?. Fiscaoeconomia. 2022; 6(1): 215 - 228. 10.25295/fsecon.1028730 |
| Vancouver | HAMURCU C Can Elon Mask's Twitter Posts About Cryptocurrencies Influence Cryptocurrency Markets by Creating a Herding Behavior Bias?. Fiscaoeconomia. 2022; 6(1): 215 - 228. 10.25295/fsecon.1028730 |
| IEEE | HAMURCU C "Can Elon Mask's Twitter Posts About Cryptocurrencies Influence Cryptocurrency Markets by Creating a Herding Behavior Bias?." Fiscaoeconomia, 6, ss.215 - 228, 2022. 10.25295/fsecon.1028730 |
| ISNAD | HAMURCU, CAGRI. "Can Elon Mask's Twitter Posts About Cryptocurrencies Influence Cryptocurrency Markets by Creating a Herding Behavior Bias?". Fiscaoeconomia 6/1 (2022), 215-228. https://doi.org/10.25295/fsecon.1028730 |
