In this week’s bitcoin review, we take a look at a new research report that analyzes bitcoin’s market drivers.
Data mining shows bitcoin’s market movers
One advantage of bitcoin’s public ledger is that the data — number of transactions, amount, bitcoin supply — is all there and available to the public. Ladislav Kristoufek at the Charles University in Prague, Czech Republic, decided to take advantage of the data to try to investigate some of the most widely held ideas regarding what moves bitcoin’s price up and down. In his research, Kristoufek was able to identify a few things that appear to drive the bitcoin price market, but also discard some other theories.
First, Kristoufek eliminated two popular theories: that it’s an investment vehicle and we should blame China. Kristoufek found that bitcoin doesn’t seem to be a safe haven investment like gold nor does the Chinese market influence the…
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