Bitcoin ve Altcoin Kripto Para Piyasalarında Finansal Balonlar

Mehmet Fatih Buğan

doi:10.20990/kilisiibfakademik.880126

Araştırma Makalesi

Financial Bubbles in Bitcoin and Altcoin Cryptocurrency Markets

Yıl 2021, Cilt: 13 Sayı: 24, 165 - 180, 10.05.2021

Mehmet Fatih Buğan

https://doi.org/10.20990/kilisiibfakademik.880126

Cited By: 7

Öz

Purpose: This research aims to investigate the existence of financial bubbles in the Bitcoin and altcoin cryptocurrency markets.
Design/Methodology: The study uses the data of Bitcoin and the first five cryptocurrencies which come after Bitcoin in terms of their market capitalization (Ethereum, Litecoin, Chainlink, Ripple, and Cardano). The GSADF test is used to detect financial bubbles in the cryptocurrency market.
Findings: Financial bubbles were detected in Bitcoin and altcoins according to the findings of the study. While the bubbles detected for Bitcoin, Ethereum, Ripple, and Chainlink are statistically significant, the financial bubbles detected for Litecoin and Cardano are not statistically significant.
Limitations: In the study the altcoin cryptocurrency market is represented by the data of the top five cryptocurrencies in terms of their market capitalization. As per more than four thousand altcoins traded in various exchanges at the beginning of 2021, the data set of 5 altcoins used in the study could be considered as the limitation of the study.
Originality/Value: The study provides important findings for researchers, policymakers, professionals, and investors. The usage of the most current data set in the study has made it possible to identify the existence of financial bubbles at the end of 2020. Therefore, the study is expected to contribute to the relevant literature.

Anahtar Kelimeler

Bitcoin, Altcoins, Cryptocurrency Markets, Financial Bubbles

Kaynakça

Adämmer, P., & Bohl, M. T. (2015). Speculative bubbles in agricultural prices. The Quarterly Review of Economics and Finance, 55, 67-76. https://doi.org/10.1016/j.qref.2014.06.003
Agosto, A., & Cafferata, A. (2020). Financial bubbles: A study of co-explosivity in the cryptocurrency market. Risks, 8(2), 34. https://doi.org/10.3390/risks8020034
Baek, C., & Elbeck, M. (2015). Bitcoins as an investment or speculative vehicle? A first look. Applied Economics Letters, 22(1), 30-34. https://doi.org/10.1080/13504851.2014.916379
Baur, D. G., Hong, K., & Lee, A. D. (2018) Bitcoin: Medium of exchange or speculative assets? Journal of International Financial Markets, Institutions and Money, 54, 177-189. https://doi.org/10.1016/j.intfin.2017.12.004
Bertus, M., & Stanhouse, B. (2001). Rational speculative bubbles in the gold futures market: An application of dynamic factor analysis. Journal of Futures Market, 21(1), 79-108. https://doi.org/10.1002/1096-9934(200101)21:1<79::AID-FUT4>3.0.CO;2-D
Bianchetti, M., Ricci, C., & Scaringi, M. (2018). Are cryptocurrencies real financial bubbles? Evidence from quantitative analyses. A version of this paper was published in Risk, 26 January 2018, http://dx.doi.org/10.2139/ssrn.3092427
Bouri, E., Shahzad, S. J. H., & Roubaud, D. (2019). Co-explosivity in the cryptocurrency market. Finance Research Letters, 29, 178-183. https://doi.org/10.1016/j.frl.2018.07.005
Cagli, E. C. (2019). Explosive behavior in the prices of Bitcoin and altcoins. Finance Research Letters, 29, 398-403. https://doi.org/10.1016/j.frl.2018.09.007
Chan, K., McQueen, G., & Thorley, S. (1998) Are there rational speculative bubbles in Asian stock markets? Pacific-Basin Finance Journal, 6(1-2), 125-151. https://doi.org/10.1016/S0927- 538X(97)00027-9
Cheah, E-T., & Fry, J. (2015) Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin. Economics Letters, 130, 32-36. https://doi.org/10.1016/j.econlet.2015.02.029
Choi, S. H., & Jarrow, R. (2020). Testing the local martingale theory of bubbles using cryptocurrencies. http://dx.doi.org/10.2139/ssrn.3701960
Ciaian, P., Rajcaniova, M., & Kancs, D. A. (2016), The economics of Bitcoin price formation. Applied Economics, 48(19), 1799-1815. https://doi.org/10.1080/00036846.2015.1109038
Corbet, S., Lucey, B., & Yarovaya, L. (2018). Datestamping the Bitcoin and Ethereum bubbles. Finance Research Letters, 26, 81-88. https://doi.org/10.1016/j.frl.2017.12.006
Çelikhan, F. F., & Kılıç, Y. (2019). Bitcoin kullanım davranışlarına yönelik bir araştırma. İçinde E. Gemici (Ed.), Teorik ve ampirik perspektifte seçilmiş finans konuları (ss. 115-146). Nobel Bilimsel Eserler.
Çütcü, İ., & Kılıç, Y. (2018). Bitcoin fiyatları ile dolar kuru arasındaki ilişki: Yapısal kırılmalı zaman serisi analizi. Yönetim ve Ekonomi Araştırmaları Dergisi, 16(4), 349-366. https://doi.org/10.11611/yead.474993
Diba, B. T., & Grossman, H. I. (1988). Explosive rational bubbles in stock prices?. American Economic Review, 78(3), 520-530. https://www.jstor.org/stable/1809149
Evans, G. (1986). A test for speculative bubbles in the Sterling-Dollar exchange rate: 1981-84. The American Economic Review, 76(4), 621-636. February 9, 2021, http://www.jstor.org/stable/1806063
Fry, J., & Cheah, E-T. (2016). Negative bubbles and shocks in cryptocurrency markets. International Review of Financial Analysis, 47, 343-352. https://doi.org/10.1016/j.irfa.2016.02.008
Gemi̇ci̇, E., & Polat, M. (2019a). Bitcoin fiyatlarında eşik değer etkisi. Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(3), 669-681. https://doi.org/10.30798/makuiibf.593500
Gemici, E., & Polat, M. (2019b). Relationship between price and volume in the Bitcoin market. The Journal of Risk Finance, 20(5), 435-444. https://doi.org/10.1108/JRF-07-2018-0111
Geuder, J., Kinateder, H., & Wagner, N. F. (2019). Cryptocurrencies as financial bubbles: The case of Bitcoin. Finance Research Letters, 31, 179-184. https://doi.org/10.1016/j.frl.2018.11.011
Goodman, A., & Thibodeau, T. (2008). Where are the speculative bubbles in the US housing markets? Journal of Housing Economics, 17, 117-137. https://doi.org/10.1016/j.jhe.2007.12.001
Harvey, D. I., Leybourne, S. J., Sollis, R., & Taylor, A. R. (2016). Tests for explosive financial bubbles in the presence of non-stationary volatility. Journal of Empirical Finance, 38, 548-574. https://doi.org/10.1016/j.jempfin.2015.09.002
Hencic, A., & Gouriéroux, C. (2015). Noncausal autoregressive model in application to Bitcoin/USD exchange rates. In: V. N. Huynh, V. Kreinovich, S. Sriboonchitta, & K. Suriya (Eds). Econometrics of risk. Studies in computational intelligence, 583, Springer, Cham. https://doi.org/10.1007/978-3-319-13449-9_2
Homm, U., & Breitung, J. (2012). Testing for speculative bubbles in stock markets: A comparison of alternative methods. Journal of Financial Econometrics, 10(1), 198-231. https://doi.org/10.1093/jjfinec/nbr009
Hui, E. C. M., Ng, I., & Lau, O. M. F. (2011). Speculative bubbles in mass and luxury properties: An investigation of the Hong Kong residential market. Construction Management and Economics, 29(8), 781-79. https://doi.org/10.1080/01446193.2011.610329
Johansen, A., & Sornette, D. (1999). Log-periodic power law bubbles in Latin-American and Asian markets and correlated anti-bubbles in Western stock markets: An empirical study. arXiv preprint cond-mat/9907270.
Kılıç, Y. (2020a). Multiple bubbles in bitcoin market. In O. Krivenko, & Z. Alimgerey (Eds.) Taras Shevchenko 5TH international congress on social sciences (pp. 175-181). İksad Publications.
Kılıç, Y. (2020b). Finansal piyasalarda balon varlığının test edilmesi: BRICS-T ülkeleri örneği. Bankacılık ve Sermaye Piyasası Araştırmaları Dergisi, 4(9), 11-22. https://dergipark.org.tr/en/pub/bspad/issue/55354/747719
Kılıç, Y., & Çütcü, İ. (2018). Bitcoin fiyatları ile Borsa İstanbul endeksi arasındaki eşbütünleşme ve nedensellik ilişkisi. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 13(3), 235-250. https://doi.org/10.17153/oguiibf.455083
Koçoğlu, Ş., Çevik, Y. E., & Tanrıöven, C. (2016). Bitcoin piyasalarının etkinliği, likiditesi ve oynaklığı. İşletme Araştırmaları Dergisi, 8(2), 77-97. https://doi.org/10.20491/isarder.2016.170
Kyriazis, N., Papadamou, S., & Corbet, S. (2020). A systematic review of the bubble dynamics of cryptocurrency prices. Research in International Business and Finance, 54, 101254. https://doi.org/10.1016/j.ribaf.2020.101254
Lammerding, M., Stephan, P., Trede, M., & Wilfling, B. (2013). Speculative bubbles in recent oil price dynamics: Evidence from a Bayesian Markov-switching state-space approach. Energy Economics, 36, 491-502. https://doi.org/10.1016/j.eneco.2012.10.006
Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. https://www.klausnordby.com/bitcoin/Bitcoin_Whitepaper_Document_HD.pdf
Oran, A. (2011). Balonları daha iyi tanımaya çalışmak: Balon tanımları, modelleri ve lale çılgınlığı örneği. Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 26(1), 151-161. https://dergipark.org.tr/en/pub/deuiibfd/issue/22731/242609
Pachal, S. (2017). Rational mining on Bitcoin [Unpublished Master dissertation]. Indian Statistical Institute.
Pallas, R. (2012). Bitcoin securit. [Unpublished Master dissertation]. Tallin University of Technology.
Pavlidis, E. G., Paya, I., & Peel, D. A. (2017). Testing for speculative bubbles using spot and forward prices. International Economic Review, 58(4), 1191-1226. https://doi.org/10.1111/iere.12249
Phillip, A., Chan, J., & Peiris, S. (2018). A new look at cryptocurrencies. Economics Letters, 163, 6-9. https://doi.org/10.1016/j.econlet.2017.11.020
Phillips, P. C. B., Shi, S., & Yu, J. (2015). Testing for multiple bubbles: Historical episodes of exuberance and collapse in the S&P 500. International Economic Review, 56(4), 1043-1078. https://doi.org/10.1111/iere.12132
Phillips, P. C. B., Wu, Y., & Yu, J. (2011) Explosive behavior in the 1990s Nasdaq: When did exuberance escalate asset values? International Economic Review 52, 201-226. https://doi.org/10.1111/j.1468-2354.2010.00625.x
Phillips, P. C., & Yu, J. (2011). Dating the timeline of financial bubbles during the subprime crisis. Quantitative Economics, 2(3), 455-491. https://doi.org/10.3982/QE82
Souza, M. C., Souza, E. T. C., & Pereira, H. C. I. (2017). Cryptocurrencies bubbles: New evidences. The Empirical Economics Letters, 16(7), 739-746. https://www.researchgate.net/profile/Michel-De-Souza-2/publication/316170102_Cryptocurrencies_Bubbles_New_Evidences/links/5b61a9cea6fdccf0b20569aa/Cryptocurrencies-Bubbles-New-Evidences.pdf
Tegene, A., & Kuchler, F. R. (1993). Evidence on the existence of speculative bubbles in farmland prices. The Journal of Real Estate Finance and Economics, 6(3), 223-236. https://link.springer.com/content/pdf/10.1007/BF01096959.pdf
Vyas, A., & Lunagaria, M. (2014). Security concerns and issues for Bitcoin. International Journal of Computer Applications (IJCA), (0975–8887), 10-12. https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.667.5197&rep=rep1&type=pdf
West, K. D. (1988). Bubbles, fads and stock price volatility tests: A partial evaluation. The Journal of Finance, 43(3), 639-656. https://doi.org/10.1111/j.1540-6261.1988.tb04596.x
Wheatley, S., Sornette, D., Huber, T., Reppen, M., & Gantner, R. N. (2019) Are Bitcoin bubbles predictable? Combining a generalized Metcalfe’s Law and the log-periodic power law singularity model. Royal Society Open Science, 6, 180538. https://doi.org/10.1098/rsos.180538
Woo, W. (1987). Some evidence of speculative bubbles in the foreign exchange markets. Journal of Money, Credit and Banking, 19(4), 499-514. https://doi:10.2307/1992617
Yermack, D. (2013). Is Bitcoin a real currency? An economic appraisal, National Bureau of Economic Research, Working Paper 19747, http://www.nber.org/papers/w19747

Bitcoin ve Altcoin Kripto Para Piyasalarında Finansal Balonlar

Yıl 2021, Cilt: 13 Sayı: 24, 165 - 180, 10.05.2021

Mehmet Fatih Buğan

https://doi.org/10.20990/kilisiibfakademik.880126

Cited By: 7

Öz

Amaç: Bu araştırmanın amacı, Bitcoin ve altcoin kripto para piyasalarında finansal balonların varlığını araştırmaktır.
Tasarım/Yöntem: Çalışmada, Bitcoin ve piyasa değeri açısından Bitcoin’den sonra gelen ilk beş kripto para birimine (Ethereum, Litecoin, Chainlink, Ripple ve Cardano) ait veriler kullanılmıştır. Kripto para piyasasında finansal balonların tespitinde GSADF testi kullanılmıştır.
Bulgular: Çalışma sonucunda Bitcoin ve altcoinlerde finansal balonlar tespit edilmiştir. Bitcoin, Ethereum, Ripple ve Chainlink için tespit edilen balonlar istatistiksel olarak anlamlı iken Litecoin ve Cardano için tespit edilen finansal balonlar istatistiksel olarak anlamlı değildir.
Sınırlılıklar: Çalışmada altcoin kripto para piyasasını temsilen piyasa değeri bakımından ilk beş kripto para birimine ait veriler kullanılmıştır. 2021 yılı başında çeşitli borsalarda işlem gören dört binden fazla altcoin olduğu göz önünde bulundurulduğunda çalışmanın veri setinin çalışmanın kısıtını oluşturduğu söylenebilir.
Özgünlük/Değer: Çalışmadan elde edilen bulgular, araştırmacılar, politika yapıcılar, profesyoneller ve yatırımcılar açısından önem arz etmektedir. Çalışmada kullanılan veri setinin güncel olması 2020 yılı sonunda gerçekleşen finansal balonların tespitini olanaklı kılmıştır. Bu nedenle de çalışmanın ilgili literatüre katkı sağlaması beklenmektedir.

Anahtar Kelimeler

Bitcoin, Altcoin, Kripto Para Piyasası, Finansal Balonlar

Kaynakça

Adämmer, P., & Bohl, M. T. (2015). Speculative bubbles in agricultural prices. The Quarterly Review of Economics and Finance, 55, 67-76. https://doi.org/10.1016/j.qref.2014.06.003
Agosto, A., & Cafferata, A. (2020). Financial bubbles: A study of co-explosivity in the cryptocurrency market. Risks, 8(2), 34. https://doi.org/10.3390/risks8020034
Baek, C., & Elbeck, M. (2015). Bitcoins as an investment or speculative vehicle? A first look. Applied Economics Letters, 22(1), 30-34. https://doi.org/10.1080/13504851.2014.916379
Baur, D. G., Hong, K., & Lee, A. D. (2018) Bitcoin: Medium of exchange or speculative assets? Journal of International Financial Markets, Institutions and Money, 54, 177-189. https://doi.org/10.1016/j.intfin.2017.12.004
Bertus, M., & Stanhouse, B. (2001). Rational speculative bubbles in the gold futures market: An application of dynamic factor analysis. Journal of Futures Market, 21(1), 79-108. https://doi.org/10.1002/1096-9934(200101)21:1<79::AID-FUT4>3.0.CO;2-D
Bianchetti, M., Ricci, C., & Scaringi, M. (2018). Are cryptocurrencies real financial bubbles? Evidence from quantitative analyses. A version of this paper was published in Risk, 26 January 2018, http://dx.doi.org/10.2139/ssrn.3092427
Bouri, E., Shahzad, S. J. H., & Roubaud, D. (2019). Co-explosivity in the cryptocurrency market. Finance Research Letters, 29, 178-183. https://doi.org/10.1016/j.frl.2018.07.005
Cagli, E. C. (2019). Explosive behavior in the prices of Bitcoin and altcoins. Finance Research Letters, 29, 398-403. https://doi.org/10.1016/j.frl.2018.09.007
Chan, K., McQueen, G., & Thorley, S. (1998) Are there rational speculative bubbles in Asian stock markets? Pacific-Basin Finance Journal, 6(1-2), 125-151. https://doi.org/10.1016/S0927- 538X(97)00027-9
Cheah, E-T., & Fry, J. (2015) Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin. Economics Letters, 130, 32-36. https://doi.org/10.1016/j.econlet.2015.02.029
Choi, S. H., & Jarrow, R. (2020). Testing the local martingale theory of bubbles using cryptocurrencies. http://dx.doi.org/10.2139/ssrn.3701960
Ciaian, P., Rajcaniova, M., & Kancs, D. A. (2016), The economics of Bitcoin price formation. Applied Economics, 48(19), 1799-1815. https://doi.org/10.1080/00036846.2015.1109038
Corbet, S., Lucey, B., & Yarovaya, L. (2018). Datestamping the Bitcoin and Ethereum bubbles. Finance Research Letters, 26, 81-88. https://doi.org/10.1016/j.frl.2017.12.006
Çelikhan, F. F., & Kılıç, Y. (2019). Bitcoin kullanım davranışlarına yönelik bir araştırma. İçinde E. Gemici (Ed.), Teorik ve ampirik perspektifte seçilmiş finans konuları (ss. 115-146). Nobel Bilimsel Eserler.
Çütcü, İ., & Kılıç, Y. (2018). Bitcoin fiyatları ile dolar kuru arasındaki ilişki: Yapısal kırılmalı zaman serisi analizi. Yönetim ve Ekonomi Araştırmaları Dergisi, 16(4), 349-366. https://doi.org/10.11611/yead.474993
Diba, B. T., & Grossman, H. I. (1988). Explosive rational bubbles in stock prices?. American Economic Review, 78(3), 520-530. https://www.jstor.org/stable/1809149
Evans, G. (1986). A test for speculative bubbles in the Sterling-Dollar exchange rate: 1981-84. The American Economic Review, 76(4), 621-636. February 9, 2021, http://www.jstor.org/stable/1806063
Fry, J., & Cheah, E-T. (2016). Negative bubbles and shocks in cryptocurrency markets. International Review of Financial Analysis, 47, 343-352. https://doi.org/10.1016/j.irfa.2016.02.008
Gemi̇ci̇, E., & Polat, M. (2019a). Bitcoin fiyatlarında eşik değer etkisi. Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(3), 669-681. https://doi.org/10.30798/makuiibf.593500
Gemici, E., & Polat, M. (2019b). Relationship between price and volume in the Bitcoin market. The Journal of Risk Finance, 20(5), 435-444. https://doi.org/10.1108/JRF-07-2018-0111
Geuder, J., Kinateder, H., & Wagner, N. F. (2019). Cryptocurrencies as financial bubbles: The case of Bitcoin. Finance Research Letters, 31, 179-184. https://doi.org/10.1016/j.frl.2018.11.011
Goodman, A., & Thibodeau, T. (2008). Where are the speculative bubbles in the US housing markets? Journal of Housing Economics, 17, 117-137. https://doi.org/10.1016/j.jhe.2007.12.001
Harvey, D. I., Leybourne, S. J., Sollis, R., & Taylor, A. R. (2016). Tests for explosive financial bubbles in the presence of non-stationary volatility. Journal of Empirical Finance, 38, 548-574. https://doi.org/10.1016/j.jempfin.2015.09.002
Hencic, A., & Gouriéroux, C. (2015). Noncausal autoregressive model in application to Bitcoin/USD exchange rates. In: V. N. Huynh, V. Kreinovich, S. Sriboonchitta, & K. Suriya (Eds). Econometrics of risk. Studies in computational intelligence, 583, Springer, Cham. https://doi.org/10.1007/978-3-319-13449-9_2
Homm, U., & Breitung, J. (2012). Testing for speculative bubbles in stock markets: A comparison of alternative methods. Journal of Financial Econometrics, 10(1), 198-231. https://doi.org/10.1093/jjfinec/nbr009
Hui, E. C. M., Ng, I., & Lau, O. M. F. (2011). Speculative bubbles in mass and luxury properties: An investigation of the Hong Kong residential market. Construction Management and Economics, 29(8), 781-79. https://doi.org/10.1080/01446193.2011.610329
Johansen, A., & Sornette, D. (1999). Log-periodic power law bubbles in Latin-American and Asian markets and correlated anti-bubbles in Western stock markets: An empirical study. arXiv preprint cond-mat/9907270.
Kılıç, Y. (2020a). Multiple bubbles in bitcoin market. In O. Krivenko, & Z. Alimgerey (Eds.) Taras Shevchenko 5TH international congress on social sciences (pp. 175-181). İksad Publications.
Kılıç, Y. (2020b). Finansal piyasalarda balon varlığının test edilmesi: BRICS-T ülkeleri örneği. Bankacılık ve Sermaye Piyasası Araştırmaları Dergisi, 4(9), 11-22. https://dergipark.org.tr/en/pub/bspad/issue/55354/747719
Kılıç, Y., & Çütcü, İ. (2018). Bitcoin fiyatları ile Borsa İstanbul endeksi arasındaki eşbütünleşme ve nedensellik ilişkisi. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 13(3), 235-250. https://doi.org/10.17153/oguiibf.455083
Koçoğlu, Ş., Çevik, Y. E., & Tanrıöven, C. (2016). Bitcoin piyasalarının etkinliği, likiditesi ve oynaklığı. İşletme Araştırmaları Dergisi, 8(2), 77-97. https://doi.org/10.20491/isarder.2016.170
Kyriazis, N., Papadamou, S., & Corbet, S. (2020). A systematic review of the bubble dynamics of cryptocurrency prices. Research in International Business and Finance, 54, 101254. https://doi.org/10.1016/j.ribaf.2020.101254
Lammerding, M., Stephan, P., Trede, M., & Wilfling, B. (2013). Speculative bubbles in recent oil price dynamics: Evidence from a Bayesian Markov-switching state-space approach. Energy Economics, 36, 491-502. https://doi.org/10.1016/j.eneco.2012.10.006
Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. https://www.klausnordby.com/bitcoin/Bitcoin_Whitepaper_Document_HD.pdf
Oran, A. (2011). Balonları daha iyi tanımaya çalışmak: Balon tanımları, modelleri ve lale çılgınlığı örneği. Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 26(1), 151-161. https://dergipark.org.tr/en/pub/deuiibfd/issue/22731/242609
Pachal, S. (2017). Rational mining on Bitcoin [Unpublished Master dissertation]. Indian Statistical Institute.
Pallas, R. (2012). Bitcoin securit. [Unpublished Master dissertation]. Tallin University of Technology.
Pavlidis, E. G., Paya, I., & Peel, D. A. (2017). Testing for speculative bubbles using spot and forward prices. International Economic Review, 58(4), 1191-1226. https://doi.org/10.1111/iere.12249
Phillip, A., Chan, J., & Peiris, S. (2018). A new look at cryptocurrencies. Economics Letters, 163, 6-9. https://doi.org/10.1016/j.econlet.2017.11.020
Phillips, P. C. B., Shi, S., & Yu, J. (2015). Testing for multiple bubbles: Historical episodes of exuberance and collapse in the S&P 500. International Economic Review, 56(4), 1043-1078. https://doi.org/10.1111/iere.12132
Phillips, P. C. B., Wu, Y., & Yu, J. (2011) Explosive behavior in the 1990s Nasdaq: When did exuberance escalate asset values? International Economic Review 52, 201-226. https://doi.org/10.1111/j.1468-2354.2010.00625.x
Phillips, P. C., & Yu, J. (2011). Dating the timeline of financial bubbles during the subprime crisis. Quantitative Economics, 2(3), 455-491. https://doi.org/10.3982/QE82
Souza, M. C., Souza, E. T. C., & Pereira, H. C. I. (2017). Cryptocurrencies bubbles: New evidences. The Empirical Economics Letters, 16(7), 739-746. https://www.researchgate.net/profile/Michel-De-Souza-2/publication/316170102_Cryptocurrencies_Bubbles_New_Evidences/links/5b61a9cea6fdccf0b20569aa/Cryptocurrencies-Bubbles-New-Evidences.pdf
Tegene, A., & Kuchler, F. R. (1993). Evidence on the existence of speculative bubbles in farmland prices. The Journal of Real Estate Finance and Economics, 6(3), 223-236. https://link.springer.com/content/pdf/10.1007/BF01096959.pdf
Vyas, A., & Lunagaria, M. (2014). Security concerns and issues for Bitcoin. International Journal of Computer Applications (IJCA), (0975–8887), 10-12. https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.667.5197&rep=rep1&type=pdf
West, K. D. (1988). Bubbles, fads and stock price volatility tests: A partial evaluation. The Journal of Finance, 43(3), 639-656. https://doi.org/10.1111/j.1540-6261.1988.tb04596.x
Wheatley, S., Sornette, D., Huber, T., Reppen, M., & Gantner, R. N. (2019) Are Bitcoin bubbles predictable? Combining a generalized Metcalfe’s Law and the log-periodic power law singularity model. Royal Society Open Science, 6, 180538. https://doi.org/10.1098/rsos.180538
Woo, W. (1987). Some evidence of speculative bubbles in the foreign exchange markets. Journal of Money, Credit and Banking, 19(4), 499-514. https://doi:10.2307/1992617
Yermack, D. (2013). Is Bitcoin a real currency? An economic appraisal, National Bureau of Economic Research, Working Paper 19747, http://www.nber.org/papers/w19747

Toplam 49 adet kaynakça vardır.

Ayrıntılar

Birincil Dil	Türkçe
Konular	Finans
Bölüm	ARAŞTIRMA MAKALELERİ
Yazarlar	Mehmet Fatih Buğan 0000-0001-9027-9532
Yayımlanma Tarihi	10 Mayıs 2021
Yayımlandığı Sayı	Yıl 2021 Cilt: 13 Sayı: 24

Kaynak Göster

APA	Buğan, M. F. (2021). Bitcoin ve Altcoin Kripto Para Piyasalarında Finansal Balonlar. Akademik Araştırmalar Ve Çalışmalar Dergisi (AKAD), 13(24), 165-180. https://doi.org/10.20990/kilisiibfakademik.880126
AMA	Buğan MF. Bitcoin ve Altcoin Kripto Para Piyasalarında Finansal Balonlar. Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD). Mayıs 2021;13(24):165-180. doi:10.20990/kilisiibfakademik.880126
Chicago	Buğan, Mehmet Fatih. “Bitcoin Ve Altcoin Kripto Para Piyasalarında Finansal Balonlar”. Akademik Araştırmalar Ve Çalışmalar Dergisi (AKAD) 13, sy. 24 (Mayıs 2021): 165-80. https://doi.org/10.20990/kilisiibfakademik.880126.
EndNote	Buğan MF (01 Mayıs 2021) Bitcoin ve Altcoin Kripto Para Piyasalarında Finansal Balonlar. Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD) 13 24 165–180.
IEEE	M. F. Buğan, “Bitcoin ve Altcoin Kripto Para Piyasalarında Finansal Balonlar”, Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD), c. 13, sy. 24, ss. 165–180, 2021, doi: 10.20990/kilisiibfakademik.880126.
ISNAD	Buğan, Mehmet Fatih. “Bitcoin Ve Altcoin Kripto Para Piyasalarında Finansal Balonlar”. Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD) 13/24 (Mayıs 2021), 165-180. https://doi.org/10.20990/kilisiibfakademik.880126.
JAMA	Buğan MF. Bitcoin ve Altcoin Kripto Para Piyasalarında Finansal Balonlar. Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD). 2021;13:165–180.
MLA	Buğan, Mehmet Fatih. “Bitcoin Ve Altcoin Kripto Para Piyasalarında Finansal Balonlar”. Akademik Araştırmalar Ve Çalışmalar Dergisi (AKAD), c. 13, sy. 24, 2021, ss. 165-80, doi:10.20990/kilisiibfakademik.880126.
Vancouver	Buğan MF. Bitcoin ve Altcoin Kripto Para Piyasalarında Finansal Balonlar. Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD). 2021;13(24):165-80.