Abstract:

With the implementation of the Blockchain technology of non-mediate data/money transfers, Bitcoin has become the focus of interest of many investors, and with the popularity of Bitcoin, many cryptocurrencies have been marketed. The high volatility of prices in cryptocurrencies has pushed investors who are in the desire to earn money quickly and with high risk appetite to analyze at the point of price forecast and determining the variables that affect prices. The aim of this study is to identify the factors that have reached the value of around $20,000 by December 2017 and affect the price of Bitcoin, which is in the constant agenda of investors with its high volatility. In addition to the variables used in literature (Golden and US Dollars), the impact of global risks (Financial Pressure Index and Geopolitical Risk Index) was also measured. The study has also been analyzed with the Multi-Variable Adjustable Regression Announcement-MARS method of potential variables that affect the Bitcoin price. The data used in the study consists of monthly data between 2012/1-2019/11 years. The study concluded that all the independent variables used in the study could affect the price of Bitcoin under certain conditions.

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