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Kripto Varlık Piyasasında Sürü Davranışı: Yatırımcı Elon Musk’ı İzler mi?

Yıl 2023, Cilt: 7 Sayı: 2, 132 - 148, 29.09.2023

Gamze Göçmen Yağcılar Zühal Arslan

https://doi.org/10.31200/makuubd.1280719
Cited By: 1

Öz

Bu çalışmada Elon Musk’ın twitter üzerinden kripto varlıklarla ilgili olarak paylaştığı tweetlerin kripto varlıklar üzerinde sürü davranışına neden olup olmadığı ele alınmış ve bulgular yüksek ve düşük getiri, yüksek ve düşük volatilite, pandemi dönemi ve pandemi dışı dönem kapsamında Elon Musk’ın tweet paylaştığı ve paylaşmadığı tarihler çerçevesinde değerlendirilmiştir. Çalışmada Tether, Binance ve USD Coin hariç Temmuz 2022 itibarıyla en yüksek piyasa kapitalizasyonuna sahip 17 para birimi kullanılmış ve 01.04.2019-14.07.2022 tarihleri arasında 59 farklı günde toplam 84 ayrı tweet incelenmiştir. Çalışma neticesinde Elon Musk’ın kripto varlıklar ile ilgili tweetlerinin kripto varlık piyasasında sürü davranışına neden olmadığı aksine pandemi harici diğer tüm dönemlerde ters sürü davranışına neden olduğuna dair bulgular elde edilmiştir.

Anahtar Kelimeler

Kripto Varlık Elon Musk Twitter Sürü Davranışı

Kaynakça

  • Aharon, D.Y., Demir, E., Lau, C.K.M., & Zaremba, A. (2022). Twitter-based uncertainty and cryptocurrency returns. Research in International Business and Finance, 59, 1-13.
  • Akcan, M. M. (2018). Kripto varlık piyasalarında sürü davranışının ölçülmesi (Basılmamış yüksek lisans tezi). Manisa Celal Bayar Üniversitesi, Manisa.
  • Aktaş, S. (2021). Gelişmekte olan ülkelerde kripto varlık kullanımının davranışsal finans perspektifinden analizi: Türkiye örneği (Basılmamış yüksek lisans tezi). Altınbaş Üniversitesi, İstanbul.
  • Alp Coşkun, E., Lau, C. K. M., & Kahyaoğlu, H. (2020). Uncertainty and herding behavior: Evidence from cryptocurrencies. Research in International Business and Finance, 54, 1-17.
  • Amirat, A., & Alwafi, W. (2020). Does herding behavior exist in cryptocurrency market? Cogent Economics & Finance, 8, 1-10.
  • Ante, L. (2022). How Elon Musk’s twitter activity moves cryptocurrency markets. Blockchain Research Lab Working Paper Series, 16, 1-28.
  • Aydın, Ü., Ağan, B., & Aydın, Ö. (2020). Herd behavior in crypto asset market and effect of financial information on herd behavior. International Journal of Economics and Finance Studies, 12(2), 581-604.
  • Ballis, A., & Drakos, K. (2020). Testing for herding in the cryptocurrency market. Finance Research Letters, 33, 1-5.
  • Başbuğ, B., & Lokmanoğlu, E. (2021). Sosyal medya paylaşımları üzerinden kripto varlık incelemesi: Global bir dijital kanaat önderi olarak Elon Musk örneği. International Social Sciences Studies Journal, 7(88), 4277- 4295.
  • Blau, B. M. (2017). Price dynamics and speculative trading in bitcoin. Research in International Business and Finance, 41, 493-499
  • Bouri, E., Gupta, R., & Roubaud, D. (2018). Herding behaviour in the cryptocurrency market. University of Pretoria Department of Economics Working Paper Series, 1-13.
  • Bouri, E., Gupta, R., & Roubaud, D. (2019). Herding behaviour in cryptocurrencies. Finance Research Letters, 29, 216-221.
  • Brito, J., & Castillo, A. (2013). Bitcoin: A primer for policymakers. Policy, 29(4), 3-12.
  • Bulut, E., & Akbulut Bekar, S. (2020). Yatırımcı irrasyonalitesi bağlamında kripto varlık piyasası. Finans Politik & Ekonomik Yorumlar, 652, 65-89.
  • Chang, E. C., Cheng, J. W., & Khorana, A. (2000). An examination of herd behavior in equity markets: An international perspective. Journal of Banking & Finance, 24(10), 1651-1679.
  • Choi, H. (2021). Investor attention and bitcoin liquidity: Evidence from bitcoin tweets. Finance Research Letters, 39, 1-9.
  • Choi, K.-H., Kang, S. H., & Yoon, S.-M. (2022). Herding behaviour in Korea’s cryptocurrency market. Applied Economics, Taylor & Francis Journals, 54(24), 2795-2809.
  • Christie, W. G., & Huang, R. D. (1995). Do individual returns herd around the market? Financial Analysts Journal, 51(4), 31-37.
  • CoinMarketCap. (2022). Erişim tarihi: 05.08.2022, https://coinmarketcap.com/
  • CoinTurk. (2022). Erişim tarihi: 05.08.2022, https://coin-turk.com/piyasalar
  • Duc Huynh, T. L. (2022). When Elon Musk changes his tone, does Bitcoin adjust its tune? Computational Economics. https://doi.org/10.1007/s10614-021-10230-6
  • Göçmen Yağcılar, G. (2021). Borsa İstanbul’da piyasa yönünde sürü davranışının araştırılması: Banka hisseleri için CSSD ve CSAD modellerinin analizi. İçinde M. Mete ve A. Toptaş (Ed.), İktisadi ve idari bilimlerde araştırma ve değerlendirmeler-I (ss. 267-298). Ankara: Gece Kitaplığı.
  • Göçmen Yağcılar, G. (2022). Kripto varlık piyasasında fiyat balonları ve yatırımcı ilgisinin etkisi. Mehmet Akif Ersoy Üniversitesi Uygulamalı Bilimler Dergisi, 6(1), 108-131.
  • Hamurcu, Ç. (2022). Can Elon Mask's twitter posts about cryptocurrencies influence cryptocurrency markets by creating a herding behavior bias? Fiscaoeconomia, 6(1), 215-228.
  • Haykır, Ö., & Yağlı, İ. (2022). Speculative bubbles and herding in cryptocurrencies. Financial Innovation, 8(78), 1-33.
  • Hotar, N. (2020). Herd behavior in terms of social psychology: The example of crypto asset markets. International Journal of eBusiness and eGovernment Studies, 12(1), 79-90.
  • Jalal, R. N., Sargiacomo, M., Sahar, N. U., & Fayyaz, U. (2020). Herding behavior and cryptocurrency: Market asymmetries, inter-dependency and intra-dependency. Journal of Asian Finance, Economics and Business, 7(7), 27-34.
  • Kıyılar, M., & Akkaya, M. (2016). Davranışsal finans. İstanbul: Literatür Yayıncılık.
  • Kraaijeveld, O., & De Smedt, J. (2020). The predictive power of public twitter sentiment for forecasting cryptocurrency prices. Journal of International Financial Markets, Institutions and Money, 1-65.
  • Krafft, P. M., Penna, N. D., & Pentland, A. S. (2018). An experimental study of cryptocurrency market dynamics. CHI Conference on Human Factors in Computing Systems, Montreal, Canada, ACM Press, 1-13.
  • Kumar, A. (2021). Empirical investigation of herding in cryptocurrency market under different market regimes. Review of Behavioral Finance, 13(3), 297-308.
  • Musk, E. (2022). Erişim tarihi: 13.08.2022, https://twitter.com/elonmusk
  • Omane-Adjepong, M., Alagidede, I. P., Lyimo, A. G., & Tweneboah, G. (2021). Herding behaviour in cryptocurrency and emerging financial markets. Cogent Economics & Finance, 9, 1-14.
  • Öztürk, S .S., & Bilgiç, M. E. (2022). Twitter & bitcoin: Are the most influential accounts really influential? Applied Economics Letters, 29(11), 1001-1004.
  • Shahzad, S. J. H., Anas, M., & Bouri, E. (2022). Price explosiveness in cryptocurrencies and Elon Musk’s tweets. Finance Research Letters, 47, 1-11.
  • Silva, P. V. J. G., Klotzle, M. C., Pinto, A. C. F., & Gomes, L. L. (2019). Herding behavior and contagion in the cryptocurrency market. Journal of Behavioral and Experimental Finance, 22, 41-50.
  • Stavros, S., & Vassilios, B. (2019). Herding behavior in cryptocurrencies revisited: Novel evidence from a TYP model. Journal of Behavioral and Experimental Finance, 22, 57-63.
  • Şahin, M. O. (2022). Elon musk’ın tweetlerinin kripto varlıklara olan ilginin artmasına etkisi. Türkiye Medya Akademisi Dergisi, 2(3), 158-186.
  • Şengül, M., & Medetoğlu, B. (2022). Algı yönetimi ve Bitcoin: Elon Musk örneği. USBAD Uluslararası Sosyal Bilimler Akademi Dergisi, 4(9), 701-718.
  • Tan, L., Chiang, T. C., Mason, J. R., & Nelling, E. (2008). Herding behavior in chinese stock markets: An examination of a and b shares. Pacific-Basin Finance Journal, 16, 61-77.
  • Vidal-Tomás, D., Ibáñez, A. M., & Farinós, J. E. (2019). Herding in the cryptocurrency market: CSSD and CSAD approaches. Finance Research Letters, 30, 181-186.
  • Yousaf, I., & Yarovaya, L. (2022). Herding behaivor in conventional cryptocurrency market, non-fungible tokens, and DeFiassets. Finance Research Letters, 50, 103-299.
  • Youssef, M. (2022). What drives herding behavior in the cryptocurrency market? Journal of Behavioral Finance, 23(2), 230-239.
  • Youssef, M., & Waked, S .S. (2022). Herding behavior in the cryptocurrency market during COVID-19 pandemic: The role of media coverage. North American Journal of Economics and Finance, 62, 1-10.
  • Zaman, S., Yaqub, U., & Saleem, T. (2022). Analysis of bitcoin’s price spike in context of Elon Musk’s twitter activity. Global Knowledge, Memory and Communication, 1-15.

Herd Behavior in Crypto Asset Market: Do Investor Follow Elon Musk?

Yıl 2023, Cilt: 7 Sayı: 2, 132 - 148, 29.09.2023

Gamze Göçmen Yağcılar Zühal Arslan

https://doi.org/10.31200/makuubd.1280719
Cited By: 1

Öz

In this study, it is discussed whether Elon Musk's tweets about crypto assets cause herd behavior on crypto assets and the findings were evaluated within the scope of high and low returns, high and low volatility, pandemic period and non-pandemic period, within the framework of the dates Elon Musk tweeted and didn't. In the study, 17 currencies with the highest market capitalization as of July 2022, excluding Tether, Binance and USD Coin, were used and a total of 84 separate tweets were analyzed on 59 different days between 01.04.2019 and 14.07.2022. As a result of the study, findings revealed that Elon Musk's tweets about crypto assets do not cause herd behavior in the crypto asset market, on the contrary, they causes reverse herd behavior in all other periods except the pandemic.

Anahtar Kelimeler

Crypto Asset Elon Musk Twitter Herd Behavior

Kaynakça

  • Aharon, D.Y., Demir, E., Lau, C.K.M., & Zaremba, A. (2022). Twitter-based uncertainty and cryptocurrency returns. Research in International Business and Finance, 59, 1-13.
  • Akcan, M. M. (2018). Kripto varlık piyasalarında sürü davranışının ölçülmesi (Basılmamış yüksek lisans tezi). Manisa Celal Bayar Üniversitesi, Manisa.
  • Aktaş, S. (2021). Gelişmekte olan ülkelerde kripto varlık kullanımının davranışsal finans perspektifinden analizi: Türkiye örneği (Basılmamış yüksek lisans tezi). Altınbaş Üniversitesi, İstanbul.
  • Alp Coşkun, E., Lau, C. K. M., & Kahyaoğlu, H. (2020). Uncertainty and herding behavior: Evidence from cryptocurrencies. Research in International Business and Finance, 54, 1-17.
  • Amirat, A., & Alwafi, W. (2020). Does herding behavior exist in cryptocurrency market? Cogent Economics & Finance, 8, 1-10.
  • Ante, L. (2022). How Elon Musk’s twitter activity moves cryptocurrency markets. Blockchain Research Lab Working Paper Series, 16, 1-28.
  • Aydın, Ü., Ağan, B., & Aydın, Ö. (2020). Herd behavior in crypto asset market and effect of financial information on herd behavior. International Journal of Economics and Finance Studies, 12(2), 581-604.
  • Ballis, A., & Drakos, K. (2020). Testing for herding in the cryptocurrency market. Finance Research Letters, 33, 1-5.
  • Başbuğ, B., & Lokmanoğlu, E. (2021). Sosyal medya paylaşımları üzerinden kripto varlık incelemesi: Global bir dijital kanaat önderi olarak Elon Musk örneği. International Social Sciences Studies Journal, 7(88), 4277- 4295.
  • Blau, B. M. (2017). Price dynamics and speculative trading in bitcoin. Research in International Business and Finance, 41, 493-499
  • Bouri, E., Gupta, R., & Roubaud, D. (2018). Herding behaviour in the cryptocurrency market. University of Pretoria Department of Economics Working Paper Series, 1-13.
  • Bouri, E., Gupta, R., & Roubaud, D. (2019). Herding behaviour in cryptocurrencies. Finance Research Letters, 29, 216-221.
  • Brito, J., & Castillo, A. (2013). Bitcoin: A primer for policymakers. Policy, 29(4), 3-12.
  • Bulut, E., & Akbulut Bekar, S. (2020). Yatırımcı irrasyonalitesi bağlamında kripto varlık piyasası. Finans Politik & Ekonomik Yorumlar, 652, 65-89.
  • Chang, E. C., Cheng, J. W., & Khorana, A. (2000). An examination of herd behavior in equity markets: An international perspective. Journal of Banking & Finance, 24(10), 1651-1679.
  • Choi, H. (2021). Investor attention and bitcoin liquidity: Evidence from bitcoin tweets. Finance Research Letters, 39, 1-9.
  • Choi, K.-H., Kang, S. H., & Yoon, S.-M. (2022). Herding behaviour in Korea’s cryptocurrency market. Applied Economics, Taylor & Francis Journals, 54(24), 2795-2809.
  • Christie, W. G., & Huang, R. D. (1995). Do individual returns herd around the market? Financial Analysts Journal, 51(4), 31-37.
  • CoinMarketCap. (2022). Erişim tarihi: 05.08.2022, https://coinmarketcap.com/
  • CoinTurk. (2022). Erişim tarihi: 05.08.2022, https://coin-turk.com/piyasalar
  • Duc Huynh, T. L. (2022). When Elon Musk changes his tone, does Bitcoin adjust its tune? Computational Economics. https://doi.org/10.1007/s10614-021-10230-6
  • Göçmen Yağcılar, G. (2021). Borsa İstanbul’da piyasa yönünde sürü davranışının araştırılması: Banka hisseleri için CSSD ve CSAD modellerinin analizi. İçinde M. Mete ve A. Toptaş (Ed.), İktisadi ve idari bilimlerde araştırma ve değerlendirmeler-I (ss. 267-298). Ankara: Gece Kitaplığı.
  • Göçmen Yağcılar, G. (2022). Kripto varlık piyasasında fiyat balonları ve yatırımcı ilgisinin etkisi. Mehmet Akif Ersoy Üniversitesi Uygulamalı Bilimler Dergisi, 6(1), 108-131.
  • Hamurcu, Ç. (2022). Can Elon Mask's twitter posts about cryptocurrencies influence cryptocurrency markets by creating a herding behavior bias? Fiscaoeconomia, 6(1), 215-228.
  • Haykır, Ö., & Yağlı, İ. (2022). Speculative bubbles and herding in cryptocurrencies. Financial Innovation, 8(78), 1-33.
  • Hotar, N. (2020). Herd behavior in terms of social psychology: The example of crypto asset markets. International Journal of eBusiness and eGovernment Studies, 12(1), 79-90.
  • Jalal, R. N., Sargiacomo, M., Sahar, N. U., & Fayyaz, U. (2020). Herding behavior and cryptocurrency: Market asymmetries, inter-dependency and intra-dependency. Journal of Asian Finance, Economics and Business, 7(7), 27-34.
  • Kıyılar, M., & Akkaya, M. (2016). Davranışsal finans. İstanbul: Literatür Yayıncılık.
  • Kraaijeveld, O., & De Smedt, J. (2020). The predictive power of public twitter sentiment for forecasting cryptocurrency prices. Journal of International Financial Markets, Institutions and Money, 1-65.
  • Krafft, P. M., Penna, N. D., & Pentland, A. S. (2018). An experimental study of cryptocurrency market dynamics. CHI Conference on Human Factors in Computing Systems, Montreal, Canada, ACM Press, 1-13.
  • Kumar, A. (2021). Empirical investigation of herding in cryptocurrency market under different market regimes. Review of Behavioral Finance, 13(3), 297-308.
  • Musk, E. (2022). Erişim tarihi: 13.08.2022, https://twitter.com/elonmusk
  • Omane-Adjepong, M., Alagidede, I. P., Lyimo, A. G., & Tweneboah, G. (2021). Herding behaviour in cryptocurrency and emerging financial markets. Cogent Economics & Finance, 9, 1-14.
  • Öztürk, S .S., & Bilgiç, M. E. (2022). Twitter & bitcoin: Are the most influential accounts really influential? Applied Economics Letters, 29(11), 1001-1004.
  • Shahzad, S. J. H., Anas, M., & Bouri, E. (2022). Price explosiveness in cryptocurrencies and Elon Musk’s tweets. Finance Research Letters, 47, 1-11.
  • Silva, P. V. J. G., Klotzle, M. C., Pinto, A. C. F., & Gomes, L. L. (2019). Herding behavior and contagion in the cryptocurrency market. Journal of Behavioral and Experimental Finance, 22, 41-50.
  • Stavros, S., & Vassilios, B. (2019). Herding behavior in cryptocurrencies revisited: Novel evidence from a TYP model. Journal of Behavioral and Experimental Finance, 22, 57-63.
  • Şahin, M. O. (2022). Elon musk’ın tweetlerinin kripto varlıklara olan ilginin artmasına etkisi. Türkiye Medya Akademisi Dergisi, 2(3), 158-186.
  • Şengül, M., & Medetoğlu, B. (2022). Algı yönetimi ve Bitcoin: Elon Musk örneği. USBAD Uluslararası Sosyal Bilimler Akademi Dergisi, 4(9), 701-718.
  • Tan, L., Chiang, T. C., Mason, J. R., & Nelling, E. (2008). Herding behavior in chinese stock markets: An examination of a and b shares. Pacific-Basin Finance Journal, 16, 61-77.
  • Vidal-Tomás, D., Ibáñez, A. M., & Farinós, J. E. (2019). Herding in the cryptocurrency market: CSSD and CSAD approaches. Finance Research Letters, 30, 181-186.
  • Yousaf, I., & Yarovaya, L. (2022). Herding behaivor in conventional cryptocurrency market, non-fungible tokens, and DeFiassets. Finance Research Letters, 50, 103-299.
  • Youssef, M. (2022). What drives herding behavior in the cryptocurrency market? Journal of Behavioral Finance, 23(2), 230-239.
  • Youssef, M., & Waked, S .S. (2022). Herding behavior in the cryptocurrency market during COVID-19 pandemic: The role of media coverage. North American Journal of Economics and Finance, 62, 1-10.
  • Zaman, S., Yaqub, U., & Saleem, T. (2022). Analysis of bitcoin’s price spike in context of Elon Musk’s twitter activity. Global Knowledge, Memory and Communication, 1-15.
Toplam 45 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Finans
Bölüm Makaleler
Yazarlar

Gamze Göçmen Yağcılar 0000-0002-5009-4696

Zühal Arslan 0000-0002-4757-1260

Erken Görünüm Tarihi 29 Eylül 2023
Yayımlanma Tarihi 29 Eylül 2023
Kabul Tarihi 7 Ağustos 2023
Yayımlandığı Sayı Yıl 2023 Cilt: 7 Sayı: 2

Kaynak Göster

APA Göçmen Yağcılar, G., & Arslan, Z. (2023). Kripto Varlık Piyasasında Sürü Davranışı: Yatırımcı Elon Musk’ı İzler mi?. Mehmet Akif Ersoy Üniversitesi Uygulamalı Bilimler Dergisi, 7(2), 132-148. https://doi.org/10.31200/makuubd.1280719

Cited By

KRİPTO PARA PİYASASINDA SÜRÜ DAVRANIŞI: COINLERDE VE TOKENLARDA PİYASA YÖNÜNDE SÜRÜ DAVRANIŞININ ANALİZİ
Öneri Dergisi
https://doi.org/10.14783/maruoneri.1414561
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