The role of information and communication processes in facilitating the decisions of economic entities in the bitcoin market
Keywords:
journalism, New Media, blockchain, exchange, cryptocurrency.
Abstract
This publication contains the results of a study to determine the role and mechanisms of journalistic information products in shaping the trendiness of cryptocurrency exchanges. The methodology of content analysis, case study, and analytics was applied, which allowed to obtain practical results on the actual functional purpose of journalism in the newest New Media paradigm. The research findings indicate a significant impact of the cryptocurrency market, in particular, Bitcoin, on the global economy. This is due to the introduction of digital currencies among developed economies that are seeking to integrate blockchain technology. The development of digital technologies and the New Media paradigm have had a significant impact on the cryptocurrency market, as illustrated by the influence of Elon Musk. Journalism acts as an information and analytical buffer, providing market participants with statistical information and analytical conclusions. Traditional journalistic publications such as Forbes, Reuters, Economic Times, Bloomberg are adapting to the New Media paradigm. Information about Elon Musk's influence shows that journalists act as an information and analytical buffer, providing information and analytical conclusions to cryptocurrency market participants. The study demonstrates the role of journalism in shaping trends in cryptocurrency markets, which emphasizes the need for high quality and reliability of the information published. The use of information control elements, such as blockchain, may be the next step in the development of journalism and the New Media paradigm.
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References
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Chiriță, N., Nica, I., & Popescu, M. (2022, April). The impact of bitcoin in the financial market. A cybernetics approach. In Education, Research and Business Technologies: Proceedings of 20th International Conference on Informatics in Economy (IE 2021) (pp. 197-209). Singapore: Springer Singapore. https://doi.org/10.1007/978-981-16-8866-9_17
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Dam, J. G. (2023). CEO’s tweets and firm stock returns: A case study of Elon Musk and Tesla. Honors College Theses. https://digitalcommons.georgiasouthern.edu/honors-theses/850/
Dylag, M., & Smith, H. (2023). From cryptocurrencies to cryptocourts: blockchain and the financialization of dispute resolution platforms. Information, Communication & Society, 26(2), 372-387. https://doi.org/10.1080/1369118X.2021.1942958
Fiqri, F. F., & Oetarjo, M. (2023). The Influence of Social Media, Brand Image and Price on Purchase Decisions on Crypto Asset Exchange Platform Applications. Academia Open, 8, 10-21070. https://doi.org/10.21070/ACOPEN.8.2023.3840
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Goyanes, M., Ardèvol-Abreu, A., & Gil de Zúñiga, H. (2023). Antecedents of news avoidance: competing effects of political interest, news overload, trust in news media, and “news finds me” perception. Digital Journalism, 11(1), 1-18. https://doi.org/10.1080/21670811.2021.1990097
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Huynh, T. L. D. (2022). When Elon Musk changes his tone, does bitcoin adjust its tune?. Computational Economics, 1-23. https://doi.org/10.1007/s10614-021-10230-6
Kevser, M. (2023). Bitcoin as an Alternative Financial Asset Class: Relations Between Geopolitical Risk, Global Economic Political Uncertainty, and Energy Consumption. Pamukkale Journal of Eurasian Socioeconomic Studies, 9(2), 117-131. https://doi.org/10.34232/pjess.1159796
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Lacity, M. C. (2022). Blockchain: from bitcoin to the internet of value and beyond. Journal of Information Technology, 37(4), 326-340. https://doi.org/10.1177/02683962221086300
Lievrouw, L. A. (2023). Alternative and activist new media: Digital media and society. John Wiley & Sons. https://acortar.link/eTFNqG
Liu, F., Fan, H. Y., & Qi, J. Y. (2022). Blockchain technology, cryptocurrency: entropy-based perspective. Entropy, 24(4), 557. https://doi.org/10.3390/e24040557
Liu, X., & Ning, D. (2023). Teaching Reform of New Media Data Analysis Course Based on OBE Concept. In Innovative Computing Vol 2-Emerging Topics in Future Internet: Proceedings of IC 2023 (pp. 464-469). Singapore: Springer Nature Singapore. https://doi.org/10.1007/978-981-99-2287-1_66
Manzano, S., Parra-Domínguez, J., Pinto, F., González-Briones, A., & Hernández, G. (2023, January). The Communicational Universe of Cryptocurrencies. An Approach to the Current Scientific Importance. In Blockchain and Applications, 4th International Congress (pp. 380-387). Cham: Springer International Publishing. https://doi.org/10.1007/978-3-031-21229-1_35
Mariana, C. D., Ekaputra, I. A., Husodo, Z. A., & Tamara, D. (2023). Re-Thinking Cryptocurrencies as Safe-Haven Investment: Evidence in the US and Emerging Countries. In Handbook of Research on Cybersecurity Issues and Challenges for Business and FinTech Applications (pp. 426-448). IGI Global. https://doi.org/10.4018/978-1-6684-5284-4.ch021
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Mineau, Z., Hoffman, D., Lor, J., & Choudhury, N. (2023). Cryptocurrency: Is it the Future of Payments?. In Cybersecurity for Smart Cities (pp. 169-183). Springer, Cham. https://doi.org/10.1007/978-3-031-24946-4_1
Moneycontrol magazine (2021, May 20). How Elon Musk’s Tweets Pulled and Pushed Crypto Market Prices. Moneycontrol magazine. https://acortar.link/dVEp1i
Naifar, N., & Altamimi, S. (2023). Asymmetric impact of investor sentiment and media coverage news on bitcoin returns. Managerial Finance. https://doi.org/10.1108/MF-08-2022-0400
Nouir, J. B., & Hamida, H. B. H. (2023). How do economic policy uncertainty and geopolitical risk drive Bitcoin volatility?. Research in International Business and Finance, 64, 101809. https://doi.org/10.1016/j.ribaf.2022.101809
Olney, C. (2022). Crypto-punditry and the media neutrality crisis. Atlantic Journal of Communication, 30(4), 379-396. https://doi.org/10.1080/15456870.2021.1936525
Omar, H., & Lasrado, L. A. (2023). Uncover Social Media Interactions On Cryptocurrencies Using Social Set Analysis (SSA). Procedia Computer Science, 219, 161-169. https://doi.org/10.1016/j.procs.2023.01.277
Oosterbaan, E. (2021, December 14). The Elon Effect: How Musk’s Tweets Move Crypto Markets. CoinDesk. https://acortar.link/2xlGqK
Patnaik, S., & Biswal, S. K. (2023). Use of artificial intelligence and blockchain technologies in detecting and curbing fake news in journalism. AI-Based Metaheuristics for Information Security and Digital Media, 14, 1. https://doi.org/10.1201/9781003107767
Pavlik, J. V. (2021). Disruption and digital journalism: Assessing news media innovation in a time of dramatic change. Routledge. https://doi.org/10.4324/9781003111788
Pawełoszek, I., Kumar, N., & Solanki, U. (2022). Artificial intelligence, digital technologies and the future of law. Futurity Economics&Law, 2(2), 22–32. https://doi.org/10.57125/FEL.2022.06.25.03
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Ren, H., & Zhao, L. (2023). Demonstration and Suggestion on the Communication Efficiency of New Media of Environmental Education Based on Ideological and Political Education. International Journal of Environmental Research and Public Health, 20(2), 1569. https://doi.org/10.3390/ijerph20021569
Reserve Bank of Australia (2023). Digital Currencies. https://www.rba.gov.au/education/resources/explainers/cryptocurrencies.html
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Published
2023-07-30
How to Cite
Mitchuk, O., Shayda, N., Sydorenko, N., Pohrebniak, I., & Horodenko, L. (2023). The role of information and communication processes in facilitating the decisions of economic entities in the bitcoin market. Amazonia Investiga, 12(66), 244-260. https://doi.org/10.34069/AI/2023.66.06.23
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This work is licensed under a Creative Commons Attribution 4.0 International License.
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