Pengaruh Volume Transaksi, Volatilitas Pasar, Tekanan Keuangan, Indeks Saham, dan Hashrate Terhadap Harga Bitcoin Periode 2018-2022

Abstract

This study aims to analyze the influence of transaction volume, market volatility, financial pressure, stock index, and hashrate on the price of Bitcoin during the period of 2018-2022. The sample for this study consists of data on the price and value of each variable totaling 72 data points with 5 years of observation, resulting in a total of 360 observations. The data used in this study are monthly secondary data obtained from blockchain.com, www.finance.yahoo, and www.financialresearch.gov. The analysis method used is the Error Correction Model (ECM) method and multiple linear regression. The results of the study indicate that transaction volume and market volatility do not have a significant influence on the price of Bitcoin. The financial pressure and stock index variables have a significant positive impact on the price of Bitcoin both in the long term and short term, while hashrate has a negative impact on the price of Bitcoin in the long run but does not have a significant effect in the short term. Simultaneously, transaction volume, market volatility, financial pressure, stock index, and hashrate have a significant influence on the price of Bitcoin both in the long term and short term.