Do Lunar Cycles Affect Bitcoin Prices?

Ugurcan Erdogan; Alperen Berk Isildar; Tugba Gurgen Erdogan; Fuat Akal

doi:10.1007/978-3-031-27099-4_21

Do Lunar Cycles Affect Bitcoin Prices?

Ugurcan Erdogan
, Alperen Berk Isildar
, Tugba Gurgen Erdogan
, Fuat Akal

Division of Computer Software

Hacettepe University

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

Abstract

People may want to benefit from other areas besides scientific and financial-based methods when making investment decisions. For example, it is thought that the lunar cycles guide the investors in some way and this is reflected in the stock market prices. In this paper, we examined the most dominant coin on the cryptocurrency exchange, Bitcoin, and observed the effects of the lunar cycles on its price. We compared Bitcoin opening and closing prices at the beginning and end of the lunar cycles by using McNemar’s test. As a result of our analyses, we concluded that the lunar cycles have no statistically significant impact on Bitcoin price changes.

Original language	English
Title of host publication	Computational Intelligence, Data Analytics and Applications - Selected papers from the International Conference on Computing, Intelligence and Data Analytics ICCIDA
Editors	Fausto Pedro García Márquez, Akhtar Jamil, Süleyman Eken, Alaa Ali Hameed
Publisher	Springer Science and Business Media Deutschland GmbH
Pages	271-280
Number of pages	10
ISBN (Print)	9783031270987
DOIs	https://doi.org/10.1007/978-3-031-27099-4_21
Publication status	Published - 2023
Event	International Conference on Computing, Intelligence and Data Analytics, ICCIDA 2022 - Kocaeli, Turkey Duration: 16 Sept 2022 → 17 Sept 2022

Publication series

Name	Lecture Notes in Networks and Systems
Volume	643 LNNS
ISSN (Print)	2367-3370
ISSN (Electronic)	2367-3389

Conference

Conference	International Conference on Computing, Intelligence and Data Analytics, ICCIDA 2022
Country/Territory	Turkey
City	Kocaeli
Period	16/09/22 → 17/09/22

Keywords

Cryptocurrencies
Data science
Lunar cycles

Access to Document

10.1007/978-3-031-27099-4_21

Cite this

Erdogan, U., Isildar, A. B., Erdogan, T. G., & Akal, F. (2023). Do Lunar Cycles Affect Bitcoin Prices? In F. P. García Márquez, A. Jamil, S. Eken, & A. A. Hameed (Eds.), Computational Intelligence, Data Analytics and Applications - Selected papers from the International Conference on Computing, Intelligence and Data Analytics ICCIDA (pp. 271-280). (Lecture Notes in Networks and Systems; Vol. 643 LNNS). Springer Science and Business Media Deutschland GmbH. https://doi.org/10.1007/978-3-031-27099-4_21

Erdogan, Ugurcan ; Isildar, Alperen Berk ; Erdogan, Tugba Gurgen et al. / Do Lunar Cycles Affect Bitcoin Prices?. Computational Intelligence, Data Analytics and Applications - Selected papers from the International Conference on Computing, Intelligence and Data Analytics ICCIDA. editor / Fausto Pedro García Márquez ; Akhtar Jamil ; Süleyman Eken ; Alaa Ali Hameed. Springer Science and Business Media Deutschland GmbH, 2023. pp. 271-280 (Lecture Notes in Networks and Systems).

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title = "Do Lunar Cycles Affect Bitcoin Prices?",

abstract = "People may want to benefit from other areas besides scientific and financial-based methods when making investment decisions. For example, it is thought that the lunar cycles guide the investors in some way and this is reflected in the stock market prices. In this paper, we examined the most dominant coin on the cryptocurrency exchange, Bitcoin, and observed the effects of the lunar cycles on its price. We compared Bitcoin opening and closing prices at the beginning and end of the lunar cycles by using McNemar{\textquoteright}s test. As a result of our analyses, we concluded that the lunar cycles have no statistically significant impact on Bitcoin price changes.",

keywords = "Cryptocurrencies, Data science, Lunar cycles",

author = "Ugurcan Erdogan and Isildar, \{Alperen Berk\} and Erdogan, \{Tugba Gurgen\} and Fuat Akal",

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Erdogan, U, Isildar, AB, Erdogan, TG & Akal, F 2023, Do Lunar Cycles Affect Bitcoin Prices? in FP García Márquez, A Jamil, S Eken & AA Hameed (eds), Computational Intelligence, Data Analytics and Applications - Selected papers from the International Conference on Computing, Intelligence and Data Analytics ICCIDA. Lecture Notes in Networks and Systems, vol. 643 LNNS, Springer Science and Business Media Deutschland GmbH, pp. 271-280, International Conference on Computing, Intelligence and Data Analytics, ICCIDA 2022, Kocaeli, Turkey, 16/09/22. https://doi.org/10.1007/978-3-031-27099-4_21

Do Lunar Cycles Affect Bitcoin Prices? / Erdogan, Ugurcan; Isildar, Alperen Berk; Erdogan, Tugba Gurgen et al.
Computational Intelligence, Data Analytics and Applications - Selected papers from the International Conference on Computing, Intelligence and Data Analytics ICCIDA. ed. / Fausto Pedro García Márquez; Akhtar Jamil; Süleyman Eken; Alaa Ali Hameed. Springer Science and Business Media Deutschland GmbH, 2023. p. 271-280 (Lecture Notes in Networks and Systems; Vol. 643 LNNS).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review