Title: Predicting bitcoin prices - ANN approach

Authors: Naresh Gopal; K.S. Senthilkumar

Addresses: Indian Institute of Management Ranchi, Jharkhand, 834008, India ' Department of Computers and Technology, St. George's University, West Indies, Grenada

Abstract: Bitcoin, the first cryptocurrency is believed to be designed by Satoshi Nakamoto in 2009 as a peer-to-peer structure whereby users can handle directly without requiring an intermediary. Cryptocurrencies have enjoyed some success and 'bitcoin' is now the largest cryptocurrency, with the total number of bitcoins currently valued at approximately 70 billion US dollars. However, globally there are economies which favour the bitcoin and some have banned the same. While many day traders have cash out their funds, veteran traders remain unfazed. In this scenario, it is essential to look into their price behaviour which reveals that there is huge a fluctuation, i.e., highly volatile in nature. Henceforth, their relationships with the trading volume, money supply, lag prices which influences the trade in bitcoin are measured using the ANN model revealing highly significant relationship.

Keywords: bitcoin prices; ANN model; money supply; volatility; trading volume.

DOI: 10.1504/IJEF.2020.110296

International Journal of Electronic Finance, 2020 Vol.10 No.1/2, pp.67 - 78

Received: 11 Feb 2020
Accepted: 16 Apr 2020

Published online: 05 Oct 2020 *

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