Vliv sentimentů na finanční trhy – behaviorální přístup

Abstract

The cryptocurrency market dates the beginning from the first decade of the 21st century. Bitcoin cryptocurrency is the first conqueror of this market. However, the function of bitcoin as money is still limited. The turning point is in the moment, when the wider public begins to see the possibility of quick money in buying and later selling. Is this market characterized by the presence of behavioral factors like other financial markets? Which behavioral prejudices and biases are present in the decision-making? The thesis identifies the influence of behavioral factors, which are expressed by sentiment indicators, on the development of bitcoin prices and thus offers a unique interconnection of behavioral finance and the cryptocurrency market. It also examines the existence of correlations and causality between these sentiment indicators and bitcoin price. In conclusion, the thesis offers five linear regression models that achieve significance as a whole. The final model with modified delayed independent variables can be used to predict the development of bitcoin prices in the future.