AN INVESTIGATION INTO THE DETERMINANTS OF CRYPTOCURRENCY PRICE FLUCTUATIONS

Abstract

Examining Nigerian cryptocurrency pricing determinants was the aim of the study. The purpose of this study is to evaluate the variables affecting Bitcoin's price in Nigeria. With a sample size of 100 Nigerian respondents, the study used a survey research design. By using deliberate sampling methodology, the sample size was determined. A well-crafted questionnaire was used to collect the essential data. Descriptive statistics were examined using OLS regression analysis. The hypotheses were tested and established using an ANOVA with SPSS version 27.0. Examining the variables affecting cryptocurrency prices in Nigeria was the aim of this study.The elements that affect cryptocurrency prices were evaluated by looking at a few different aspects, including as government legislation, technology, and investor behaviour. According to the study's findings, there was a 1% correlation between changes in cryptocurrency prices and changes in investor behaviour. The model was not statistically significant, as evidenced by the F-statistic of 0.034 and its significant value of 0.855 (p-value > 0.05). This implies that investor behaviour and bitcoin pricing do not statistically significantly correlate. Additionally, there is no statistically significant relationship between technology and cryptocurrency prices, and government laws have little effect on either.