The determinants of positive feedback trading behaviors in Bitcoin markets
•We analyze drivers of positive feedback trading (PFT) behaviors for Bitcoin during the COVID-19 pandemic.•Infectious disease-induced market uncertainty positively contributes to PFT mentality.•Both the distance between short- and long-term moving averages of Bitcoin's trading volumes and Bitco...
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| Published in | Finance research letters Vol. 45; p. 102120 |
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| Main Authors | , , , |
| Format | Journal Article |
| Language | English |
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Elsevier Inc
01.03.2022
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| Abstract | •We analyze drivers of positive feedback trading (PFT) behaviors for Bitcoin during the COVID-19 pandemic.•Infectious disease-induced market uncertainty positively contributes to PFT mentality.•Both the distance between short- and long-term moving averages of Bitcoin's trading volumes and Bitcoin prices exceeding their 21-day moving average are positively correlated with PFT behavior.•Higher left-tailed risk is accompanied by less PFT behavior.
This study investigates the positive feedback trading behavior in Bitcoin markets and analyzes its potential determinants. Our results show significant evidence of positive feedback trading behaviors for Bitcoin and the infectious disease equity market volatility tracker index (EMVID) increases Bitcoin volatility. Combining rolling window estimations with regression analysis, we find that market uncertainty that is measured by EMVID, the distance between short- and long-term moving averages of Bitcoin's trading volumes, and Bitcoin prices exceeding their 21-day moving average are positively correlated with future positive feedback trading behaviors during the COVID-19 pandemic. Further, left-tailed risk contributes negatively to this behavioral anomaly. |
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| AbstractList | •We analyze drivers of positive feedback trading (PFT) behaviors for Bitcoin during the COVID-19 pandemic.•Infectious disease-induced market uncertainty positively contributes to PFT mentality.•Both the distance between short- and long-term moving averages of Bitcoin's trading volumes and Bitcoin prices exceeding their 21-day moving average are positively correlated with PFT behavior.•Higher left-tailed risk is accompanied by less PFT behavior.
This study investigates the positive feedback trading behavior in Bitcoin markets and analyzes its potential determinants. Our results show significant evidence of positive feedback trading behaviors for Bitcoin and the infectious disease equity market volatility tracker index (EMVID) increases Bitcoin volatility. Combining rolling window estimations with regression analysis, we find that market uncertainty that is measured by EMVID, the distance between short- and long-term moving averages of Bitcoin's trading volumes, and Bitcoin prices exceeding their 21-day moving average are positively correlated with future positive feedback trading behaviors during the COVID-19 pandemic. Further, left-tailed risk contributes negatively to this behavioral anomaly. |
| ArticleNumber | 102120 |
| Author | Wang, Jying-Nan Lee, Ming-Chih Lee, Yen-Hsien Liu, Hung-Chun |
| Author_xml | – sequence: 1 givenname: Jying-Nan surname: Wang fullname: Wang, Jying-Nan email: 20191021@zyufl.edu.cn organization: College of International Finance and Trade, Zhejiang Yuexiu University, Shaoxing, China – sequence: 2 givenname: Yen-Hsien surname: Lee fullname: Lee, Yen-Hsien email: yh@cycu.edu.tw organization: Department of Finance, Chung Yuan Christian University, Taoyuan, Taiwan – sequence: 3 givenname: Hung-Chun orcidid: 0000-0003-3692-8559 surname: Liu fullname: Liu, Hung-Chun email: hungchun65@cycu.edu.tw organization: Department of Finance, Chung Yuan Christian University, Taoyuan, Taiwan – sequence: 4 givenname: Ming-Chih surname: Lee fullname: Lee, Ming-Chih email: mlee@mail.tku.edu.tw organization: Department of Banking and Finance, Tamkang University, Taipei, Taiwan |
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| Keywords | COVID-19 C22 Positive feedback trading Moving average Bitcoin C14 EMVID G15 G14 |
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| SubjectTerms | Bitcoin COVID-19 EMVID Moving average Positive feedback trading |
| Title | The determinants of positive feedback trading behaviors in Bitcoin markets |
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