Author(s)

Zhen Ge, Caixia Zhou

Corresponding Author

Zhen Ge

ABSTRACT

Since 2008, a vitual curency called Bicoin has been produced in the research report of Satoshi Nakamoto. This article describes the changes in Bitcoin prices and the factors that affect Bitcoin price changes. In terms of price changes, by examining the definition of Bitcoin and the external factors that affect Bitcoin, we have determined the impact of different external factors on the price change of Bitcoin. This article selects the daily transaction data from January 19, 2017 to April 4, 2018, the international bitcoin price,gold price,Shanghai Securities Composite Index,crude oil price, Shanghai Interbank Offered Rate and exchange rate data, and Unit root test Cointegration test and Granger causality test verify the influence of different factors on the price of Bitcoin, and finally concluded that there is a two-way causal relationship between Bitcoin and gold, Bitcoin and interest rates at the 99% significant level. There is a one-way causal relatiorship between oil, Bitcoin and the exchange.

KEYWORDS

Bitcion prices; influnencing factors