IIARD International Institute of Academic Research and Development

Journal of Accounting and Financial Management (JAFM )

E-ISSN 2504-8856
P-ISSN 2695-2211
VOL. 10 NO. 10 2024
DOI: 10.56201/jafm.v10.no10.2024.pg203.219

---

Determinants of Cryptocurrency Pricing

Samuel, Enefiok Ndarake, Dr. Eno Ukpong, Dr. Uwem E. Uwah

---

Abstract

Examining Nigerian cryptocurrency pricing determinants was the aim of the study. The purpose of this study is to evaluate the variables affecting Bitcoin's price in Nigeria. With a sample size of 100 Nigerian respondents, the study used a survey research design. By using deliberate sampling methodology, the sample size was determined. A well-crafted questionnaire was used to collect the essential data. Descriptive statistics were examined using OLS regression analysis. The hypotheses were tested and established using an ANOVA with SPSS version 27.0. Examining the variables affecting cryptocurrency prices in Nigeria was the aim of this study.The elements that affect cryptocurrency prices were evaluated by looking at a few different aspects, including as government legislation, technology, and investor behaviour. According to the study's findings, there was a 1% correlation between changes in cryptocurrency prices and changes in investor behaviour. The model was not statistically significant, as evidenced by the F-statistic of 0.034 and its significant value of 0.855 (p-value > 0.05). This implies that investor behaviour and bitcoin pricing do not statistically significantly correlate. Additionally, there is no statistically significant relationship between technology and cryptocurrency prices, and government laws have little effect on either.

keywords:

Cryptocurrency, Bitcoin, Technology.

---

References:

Ahmed, M (2021) How do Islamic equity markets respond to good and bad volatility of
cryptocurrencies? The case of Bitcoin. Pac. Basin Finance J. 70, 101667.
Allen, B., and Bryant, K., (2019). The market for cryptocurrency: how will it evolve?
GlobalEcon. J. 19 (3), 1950019.
Aria, M.,and Cuccurullo, C., (2017). bibliometrix: an R-tool for comprehensive science
mapping analysis. J. Inf. 11 (4), 959–975.
Arslanian, H.,and Fischer, F.,( 2019). The basics of cryptography and encryption. In: The
Future of Finance. Palgrave Macmillan, Cham, pp. 89–93.
Authority, B.,( 2014). Eba opinion on virtual currencies. Available on https://www.
eba.europa. eu/documents/10180/657547/EBA-Op-2014-08þ Opinionþ onþ
Virtualþ Currencies. pdf.
Bahoo, S.,and Alon, I.( 2020). Sovereign wealth funds: past, present and future.Int.
Rev. Financ. Anal. 67, 101418.
Bahoo, S., Saeed, S., Iqbal, M.J., and Nawaz, S., (2018). Role of China-Pakistan economic
corridor in Pakistan’s trade, investment, energy, infrastructure, and stock market.J.
Independ. Stud. Res. Manag. Soc. Sci. Econ. 16 (1), 63–84.
Bhatt, Y., Ghuman, K.,and Dhir, A., (2020). Sustainable manufacturing. Bibliometrics and
content analysis. J. Clean. Prod. 260, 120988.
Bakar, A., Rosbi, S., and Uzaki, K., (2017). Cryptocurrency framework diagnostics
from Islamic finance perspective: a new insight of Bitcoin system
transaction. International Journal of Management Science and Business
Administration 4 (1), 19–28.
Bech, M.L., Garratt, R., 2017. Central bank cryptocurrencies. BIS Q. Rev.
Bouri, E., Gupta, R., Tiwari, .K., and Roubaud, D.,(2017). Does Bitcoin hedge
global uncertainty? Evidence from wavelet-based quantile-in-quantile
regressions. Finance Res. Lett. 23, 87–95.
Bunjaku, F., Gjorgieva-Trajkovska, O., Miteva-Kacarski, E., 2017.
Cryptocurrencies–advantages and disadvantages. J. Econ. 2 (1), 31–39.
Caferra, R., Vidal-Tom D., (2021). Who raised from the abyss? A comparison between
cryptocurrency and stock market dynamics during the COVID-19 pandemic.
Finance Res. Lett. 101954.
Conlon, T., Corbet, S., and McGee, R.(2020). Are cryptocurrencies a safe haven for
equity markets? An international perspective from the COVID-19 pandemic.
Res. Int. Bus.Finance 54, 101248.
Conrad, C., Custovic, A., and Ghysels, E. ( 2018). Long-and short-term cryptocurrency
volatility components: a GARCH-MIDAS analysis. J. Risk Financ. Manag. 11 (2),
23.
Dasman, S. (2021). Analysis of return and risk of cryptocurrency bitcoin asset as investment
instrument. Account. Fin. Innov. 51.
Donthu, N., Kumar, S., Mukherjee, D., Pandey, N., and Lim, W.(2021). How to conduct a
bibliometric analysis: an overview and guidelines. J. Bus. Res. 133, 285–296.
Erdas, L., Caglar, E., (2018). Analysis of the relationships between Bitcoin and exchange
rate, commodities and global indexes by asymmetric causality test. E. J.Eur.
Stud. 9 (2), 27.
Gaur, A., Kumar, M., (2018) A systematic approach to conducting review studies: an
assessment of content analysis in 25 years of IB research. J. World Bus. 53 (2),
280–289.
Geraldi, S., Ghisi, E.(2020). Building-level and stock-level in contrast: a literature
review of the energy performance of buildings during the operational stage.
Energy Build. 211, 109810.
Gil-Alana, A., Abakah, A., and Rojo, M. (2020). Cryptocurrencies and stock market
indices. Are they related? Res. Int. Bus. Finance 51, 101063.
Glaser, F., Zimmermann, K., Haferkorn, M., Weber, M.C.,and Siering, M., 2014. Bitcoinasset or Currency? Revealing Users' Hidden Intentions. Revealing Users' Hidden
Intentions. ECIS (April 15, 2014).
Goyal, K.,and Kumar, S. (2021). Financial literacy: a systematic review and
bibliometric analysis. Int. J. Consum. Stud. 45 (1), 80–105.
Grobys, K. (2021). When Bitcoin has the flu: on Bitcoin’s performance to hedge equity risk
in the early wake of the COVID-19 outbreak. Appl. Econ. Lett. 28 (10), 860–865.
Harvey, C. and Tymoigne, E. (2015). Do Cryptocurrencies Such as Bitcoin Have a
Future.Retrieved. (Accessed 10 July 2015).
Harwick, C. (2016). Cryptocurrency and the problem of intermediation. Indepen. Rev. 20
(4), 569–588.
Herskind, L., Katsikouli, P., and Dragoni, N., (2020). Privacy and cryptocurrencies— a
systematic literature review. IEEE Access 8, 54044–54059.
Hung, N. (2021). Bitcoin and CEE stock markets: fresh evidence from using the
DECOGARCH model and quantile on quantile regression. Eur. J. Manag. Bus.
Econ.
Isah, O., and Raheem, D (2019). The hidden predictive power of cryptocurrencies and
QE: evidence from US stock market. Phys. Stat. Mech. Appl. 536, 121032.
Jalal, R., Alon, I., and Paltrinieri, A., (2021) A Bibliometric Review of Cryptocurrencies
as a Financial Asset. Technology Analysis & Strategic Management, pp. 1–16.
Jeribi, A., and Ghorbel, A.(2021). Forecasting developed and BRICS stock markets
with cryptocurrencies and gold: generalized orthogonal generalized auto
regressiveconditional heteroskedasticity and generalized auto regressive score
analysis. Int. J.Emerg. Mark.
Jeribi, A., Jena, K., and Lahiani, A. (2021). Are cryptocurrencies a backstop for the
stock market in a COVID-19-led financial crisis? Evidence from the NARDL
approach. Int. J.Financ. Stud. 9 (3), 33.
Jiang, Y., Lie, J., Wang, J.,and Mu, J., (2021). Revisiting the roles of cryptocurrencies in
stock markets: a quantile coherency perspective. Econ. Modell. 95, 21–34.
Kim, M., Jun, C., and Lee, J. (2021). Forecasting the volatility of the cryptocurrency
market by GARCH and Stochastic Volatility. Mathematics 9 (14), 1614.

DOWNLOAD PDF

---

Back