The Analysis of the Influencing Factors of Virtual Currency Price Based on Multiple Regression Method

Authors

  • Xinyan Liu
  • Xinyue Zhang

DOI:

https://doi.org/10.54097/fbem.v7i1.3964

Keywords:

Virtual currency, Multiple linear regression, Bitcoin price, China market forecast, Eviews9.

Abstract

In view of the influencing factors of bitcoin price, this paper firstly summarizes the relevant data of bitcoin price and annual cumulative supply in the past ten years from the Block Chain website, and selects several explanatory variables including actual bitcoin supply, market macroeconomic level and the number of users. Then, Eviews9 software is used to establish a multiple linear regression model. The econometric test methods such as multicollinearity, heteroscedasticity and autocorrelation were carried out to test and modify the model. The results show that the supply and demand factors of bitcoin itself, internal factors and macroeconomic factors all have a certain impact on the price of bitcoin. The results show that the price of bitcoin is mainly affected by three factors: the supply quantity, the global average annual gross product and the cumulative number of users, among which the global average annual gross product is the largest.

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Published

26-12-2022

How to Cite

Liu, X., & Zhang, X. (2022). The Analysis of the Influencing Factors of Virtual Currency Price Based on Multiple Regression Method. Frontiers in Business, Economics and Management, 7(1), 156–159. https://doi.org/10.54097/fbem.v7i1.3964

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Section

Articles