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Using sentiment analysis to predict interday Bitcoin price movements

Using sentiment analysis to predict interday Bitcoin price movements PurposeThe purpose of this study is to measure the interaction between media sentiment and the Bitcoin price. Because some researchers argued that the Bitcoin value is also determined by perception of users and investors, this paper examines how.Design/methodology/approachThe database of relative news articles as well as blog posts has been collected for the purpose of this research. Hence, each article has been given a sentiment score depending on the negative and positive words used in the article.FindingsThis paper has identified that interaction between media sentiment and the Bitcoin price exists, and that there is a tendency for investors to overreact on news in a short period of time.Originality/valueWhile sentiment analysis of Twitter posts as a predictor of the Bitcoin price has been conducted in the past, this research does not have any analog because psycho-semantic dictionaries have not been applied earlier in the Bitcoin research. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Risk Finance Emerald Publishing

Using sentiment analysis to predict interday Bitcoin price movements

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1526-5943
DOI
10.1108/JRF-06-2017-0092
Publisher site
See Article on Publisher Site

Abstract

PurposeThe purpose of this study is to measure the interaction between media sentiment and the Bitcoin price. Because some researchers argued that the Bitcoin value is also determined by perception of users and investors, this paper examines how.Design/methodology/approachThe database of relative news articles as well as blog posts has been collected for the purpose of this research. Hence, each article has been given a sentiment score depending on the negative and positive words used in the article.FindingsThis paper has identified that interaction between media sentiment and the Bitcoin price exists, and that there is a tendency for investors to overreact on news in a short period of time.Originality/valueWhile sentiment analysis of Twitter posts as a predictor of the Bitcoin price has been conducted in the past, this research does not have any analog because psycho-semantic dictionaries have not been applied earlier in the Bitcoin research.

Journal

The Journal of Risk FinanceEmerald Publishing

Published: Nov 30, 2018

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