Pengaruh Fundamental Asset, Financial Asset, Macro-Economic dan Technical Asset terhadap Return Bitcoin

Abstract

Bitcoin market has fluctuating return movement and its very extreme increase, commencing from March, 2020, and it tends to decrease until 2022. The objective of the research IS to analyze the factors of fundamental asset, financial asset, macro-economic, and technical asset which affect return bitcoin movement. The samples comprise crypto- currency with the biggest market caps are bitcoin (BTH). The data are time series data taken from January, 2020 until December, 2022 and analyzed by using time series data with Error Correction Model (ECM) and E-views 10 application. The result of the research shows that 1) bitcoin supply has positive and significant effects on return bitcoin, 2) miners revenue has negative and significant effects on return bitcoin, 3) S& P 500 have positive and significant effects on return bitcoin, 4) the world's oil price has negative and insignificant effects on return bitcoin 5) gold price has positive and insignificant effects on return bitcoin, 6) trade volume has positive and insignificant effects on return bitcoin, and 7) market capitalization has positive and significant effects on return bitcoin.