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Do FOMC and macroeconomic announcements affect Bitcoin prices?

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  • Pyo, Sujin
  • Lee, Jaewook

Abstract

Bitcoin, developed by Satoshi Nakamoto after the financial crisis in 2008, has risen in price since the beginning of 2010. To date, many investors have been participating in the Bitcoin market and trading. This study analyzes if the FOMC and macroeconomic announcements affect Bitcoin prices. Various studies have been actively conducted as the cryptocurrency market, including Bitcoin, rapidly develops. However, few studies on the effect of FOMC and macroeconomic announcements on Bitcoin prices are available. If the announcements affect the Bitcoin prices, then investors could consider the conclusions of this study to prepare for price changes.

Suggested Citation

  • Pyo, Sujin & Lee, Jaewook, 2020. "Do FOMC and macroeconomic announcements affect Bitcoin prices?," Finance Research Letters, Elsevier, vol. 37(C).
    • Handle: RePEc:eee:finlet:v:37:y:2020:i:c:s154461231930159x
    DOI: 10.1016/j.frl.2019.101386
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