| Abstract [eng] |
SUMMARY 79 pages, 21 charts, 9 pictures, 85 references. The main purpose of this master thesis is to identify the factors influencing Bitcoin price during a period of increased uncertainty. The work consists of three main parts; the analysis of scientific literature, the research and its results, conclusion and recommendations. Literature analysis reviews the scientific literature related to theoretical aspects of cryptocurrencies, such as the beginning of cryptocurrencies, the Bitcoin cryptocurrency, and the analysis of factors influencing the price of the Bitcoin cryptocurrency. After conducting a literature analysis, the author developed the methodology for studying the factors influencing Bitcoin prices during periods of increased uncertainty. The study variables are carefully selected, and the research period is divided into four distinct periods: pre-Covid-19 pandemic, during the Covid-19 pandemic, between the pandemic and the onset of the Ukraine-Russia war, and during the Ukraine-Russia war. Formulated research hypotheses guides the investigation. The chosen method for the study involved linear multiple regression analysis. The obtained results are statistically processed using the Gretl program batch. Additionally, the research findings are compared to those of similar studies analyzed in the literature review. Based on the conducted study, it can be stated that during all four analyzed periods, different factors influence the price of Bitcoin. Before the Covid-19 pandemic, factors such as the US Dollar Index, DJIA Index, Gold price, and the "Google Trends" number of Bitcoin searches impact the price of Bitcoin. During the Covid-19 pandemic, factors such as the US Dollar and DJIA Index influence Bitcoin's price. Between the pandemic and the start of the Ukraine-Russia war, factors like the gold price, S&P 500 stock index, and the "Google Trends" number of Bitcoin searches influence Bitcoin's price. During the Ukraine-Russia war, factors such as the US Dollar, DJIA Index, and gold price influence Bitcoin's price. The conclusions and recommendations summarize the key findings of literature analysis as well as the results of the conducted research. The author believes that the results of the study could contribute to the growing body of Bitcoin cryptocurrency research and provide useful guidelines for investors interested in cryptocurrency during a period of uncertainty. |
