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Paper Type
Complete
Description
The relationship between tweet sentiment and cryptocurrency pricing has drawn academic researchers' attention in recent years. However, empirical results have been inconsistent, and no research has examined the bidirectional relationship between cryptocurrency pricing and tweet sentiment nor the impacts of opinion leaders. In this research, we test the presence of bidirectional relationships between Bitcoin opinion leader tweet sentiments and Bitcoin price behaviors. By analyzing a big data set of 78 million Bitcoin-related tweets from 2014 to 2021 through vector autoregression modeling with exogenous variables, we reveal the influences of Bitcoin opinion leaders' tweet subjectivity and polarity on Bitcoin price return and volatility, as well as the reverse effects. Our research contributes to academic literature and business practice on cryptocurrency pricing, social media, and opinion leadership.
Paper Number
1858
Recommended Citation
Treku, Daniel N.; Wang, Bin; Escobari, Diego; and Oraby, Tamer, "Cryptocurrency Market: The Interplay Between Microblog Dynamic Opinion Leader Sentiments and Bitcoin Pricing" (2023). AMCIS 2023 Proceedings. 16.
https://aisel.aisnet.org/amcis2023/sig_dite/sig_dite/16
Cryptocurrency Market: The Interplay Between Microblog Dynamic Opinion Leader Sentiments and Bitcoin Pricing
The relationship between tweet sentiment and cryptocurrency pricing has drawn academic researchers' attention in recent years. However, empirical results have been inconsistent, and no research has examined the bidirectional relationship between cryptocurrency pricing and tweet sentiment nor the impacts of opinion leaders. In this research, we test the presence of bidirectional relationships between Bitcoin opinion leader tweet sentiments and Bitcoin price behaviors. By analyzing a big data set of 78 million Bitcoin-related tweets from 2014 to 2021 through vector autoregression modeling with exogenous variables, we reveal the influences of Bitcoin opinion leaders' tweet subjectivity and polarity on Bitcoin price return and volatility, as well as the reverse effects. Our research contributes to academic literature and business practice on cryptocurrency pricing, social media, and opinion leadership.
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