TY - GEN
T1 - Statistical Analysis to Reveal Factors Affecting Cryptocurrency Prices in Commodity Futures Trading and Stock Market
AU - Wibawa, Adhi Dharma
AU - Wicaksana, M. Sadewa
AU - Pamungkas, Yuri
N1 - Publisher Copyright:
© 2023 IEEE.
PY - 2023
Y1 - 2023
N2 - Cryptocurrency has become one of the most widely used digital investment instruments worldwide. In simple terms, cryptocurrency is a digital currency. Cryptocurrencies are not available in physical forms, such as coins or cash, but are commonly used worldwide. In cryptocurrency, everything is completely virtual. Even so, this digital money has a fairly high value. In 2017, its market capitalization reached 18 billion USD. In addition, cryptocurrencies carry a very high risk due to the problem of very fast and irregular price changes. Therefore, a study on the link between cryptocurrency and other commodities is required. Thus, data with a strong correlation may be used to judge cryptocurrency transactions. As a result, in this study, we employ the Pearson Correlation to determine the association of cryptocurrencies with various datasets, including gold, oil and natural gas, and the Nasdaq stock market. Consequently, the Nasdaq stock market dataset outperforms the others in terms of correlation, with the greatest value on the Google index of 0.91 and 0.92 on bitcoin and Ethereum. Regarding oil and natural gas, Ethereum has the greatest value versus crude oil (at 0.74), while bitcoin is at 0.61.
AB - Cryptocurrency has become one of the most widely used digital investment instruments worldwide. In simple terms, cryptocurrency is a digital currency. Cryptocurrencies are not available in physical forms, such as coins or cash, but are commonly used worldwide. In cryptocurrency, everything is completely virtual. Even so, this digital money has a fairly high value. In 2017, its market capitalization reached 18 billion USD. In addition, cryptocurrencies carry a very high risk due to the problem of very fast and irregular price changes. Therefore, a study on the link between cryptocurrency and other commodities is required. Thus, data with a strong correlation may be used to judge cryptocurrency transactions. As a result, in this study, we employ the Pearson Correlation to determine the association of cryptocurrencies with various datasets, including gold, oil and natural gas, and the Nasdaq stock market. Consequently, the Nasdaq stock market dataset outperforms the others in terms of correlation, with the greatest value on the Google index of 0.91 and 0.92 on bitcoin and Ethereum. Regarding oil and natural gas, Ethereum has the greatest value versus crude oil (at 0.74), while bitcoin is at 0.61.
KW - Bitcoin
KW - Cryptocurrency
KW - Gold
KW - Nasdaq Stock Market
KW - Oil and Gas
UR - http://www.scopus.com/inward/record.url?scp=85181080235&partnerID=8YFLogxK
U2 - 10.1109/ICEEIE59078.2023.10334893
DO - 10.1109/ICEEIE59078.2023.10334893
M3 - Conference contribution
AN - SCOPUS:85181080235
T3 - ICEEIE 2023 - International Conference on Electrical, Electronics and Information Engineering
BT - ICEEIE 2023 - International Conference on Electrical, Electronics and Information Engineering
PB - Institute of Electrical and Electronics Engineers Inc.
T2 - 8th International Conference on Electrical, Electronics and Information Engineering, ICEEIE 2023
Y2 - 28 September 2023 through 29 September 2023
ER -