Twitter & bitcoin: are the most influential accounts really influential?

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dc.contributor.authorOzturk, Serda Selin
dc.contributor.authorBilgic, M. Emre
dc.date.accessioned2024-07-18T20:45:13Z
dc.date.available2024-07-18T20:45:13Z
dc.date.issued2022
dc.departmentİstanbul Bilgi Üniversitesien_US
dc.description.abstractThere is a vast amount of information flow in social media about bitcoin, which may affect investors' decisions. This article investigates whether tweets may affect returns or trade volume changes of bitcoin and, more importantly, whether some Twitter accounts are more influential than other Twitter accounts. We conduct two separate analyses based first on all Twitter accounts and then on the most influential 50 Twitter accounts, which have been selected as such by Unitedtraders. We use the number of positive, negative and neutral tweets by Valence Aware Dictionary and Sentiment Reasoner (VADER) in a logistic model to analyse if tweets have any valuable information about the change in both return and trade volume of bitcoin. Our results indicate that tweets can be used to predict bitcoin returns. Notably, the most influential accounts are the drivers of returns, but all Twitter accounts simply introduce some noise in volatility. This result indicates that following only these 50 most influential accounts may provide the information needed for investors.en_US
dc.identifier.doi10.1080/13504851.2021.1904104
dc.identifier.endpage1004en_US
dc.identifier.issn1350-4851
dc.identifier.issn1466-4291
dc.identifier.issue11en_US
dc.identifier.scopus2-s2.0-85104487060en_US
dc.identifier.scopusqualityQ2en_US
dc.identifier.startpage1001en_US
dc.identifier.urihttps://doi.org/10.1080/13504851.2021.1904104
dc.identifier.urihttps://hdl.handle.net/11411/7464
dc.identifier.volume29en_US
dc.identifier.wosWOS:000640094600001en_US
dc.identifier.wosqualityQ4en_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.language.isoenen_US
dc.publisherRoutledge Journals, Taylor & Francis Ltden_US
dc.relation.ispartofApplied Economics Lettersen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.subjectBitcoinen_US
dc.subjectSentiment Analysisen_US
dc.subjectVaderen_US
dc.subjectTwitteren_US
dc.subjectLogit Modelen_US
dc.titleTwitter & bitcoin: are the most influential accounts really influential?en_US
dc.typeArticleen_US

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