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Cryptocurrency Market and Investor Trends Analysis

Year 2024, Volume: 17 Issue: 1, 1 - 24, 30.04.2024
https://doi.org/10.17218/hititsbd.1372062

Abstract

Cryptocurrencies, which are rising and trending all over the world, show themselves as one of the important investment tools in financial markets. Cryptocurrencies have emerged as a new asset class in recent years, attracting the attention of investors, companies, consumers and, as can be seen from recent literature, academia. Cryptocurrency, the first tool to emerge with blockchain technology, always surpasses the popularity of other fields (e.g. security) and sectors (e.g. banks) where blockchain technology is used or other assets created using this technology (e.g. NFT). Investors are taking more and more part in the cryptocurrency market day by day, despite their lack of knowledge about crypto money, the investment not being protected by the authority, the lack of legal regulation, not knowing where and who the exit point is, and similar uncertainties. The rapid development of technology and the fact that all individuals have easy access to technology, the gaining power of social media and people being exposed to information pollution without questioning the source of the information, the rapid spread of unverified data colloquially called “hearsay” in social media within seconds, crypto currencies are becoming a popular investment tool made possible. Cryptocurrencies pose a major challenge to the field of behavioral finance as they are innovative and rapidly rising financial assets. Because there are fundamental differences in how the cryptocurrency market works and in the architecture of cryptocurrencies. First of all, crypto money is not legal in most countries, including our country, and the so-called cryptocurrency market does not have a legal assurance mechanism. Although this situation does not pose a problem for investors of crypto money, which emerged as a reaction to the central authority, failure to audit the compliance of the exchanges existing in the cryptocurrency ecosystem with legal regulations automatically increases the risk of investment. At this point, the study was designed considering that investors in the cryptocurrency market do not act rationally due to the characteristics of this market and are affected by behavioral factors. As it is known, traditional finance theory argues that investor behavior does not affect the prices of assets and states that investors act rationally. Behavioral finance theory, on the other hand, argues that investors' investment decisions are affected by a wide variety of behavioral factors and that individuals do not act rationally in their investment decisions. So, in what direction do cryptocurrency market investors make decisions? Studies investigating the motivation to invest in cryptocurrencies and the different reasons that push them to invest are insufficient in the literature. For this reason, this study focuses on individual investors in Turkey investing in the cryptocurrency market by investigating the impact of behavioral finance factors on investment decisions in the cryptocurrency market. In this study, a survey form consisting of various scales was prepared and applied to cryptocurrency investors in Turkey in order to examine which behavioral factors influence the investments of individual investors trading in the cryptocurrency markets. The data obtained were tested using Independent Sample t-test, and One Way ANOVA analysis through a statistical analysis program. According to the findings of this study conducted using a quantitative approach; It has been found that investors' cryptocurrency investment preferences are affected by behavioral tendencies. Tendencies with higher averages are "behaving overly optimistically", "avoiding regret", "avoiding uncertainty" and "heuristic factors". According to these results, it can be said that participants approach the cryptocurrency market more optimistically than other financial markets. It can also be stated that participants tend to have high rates of regret and avoidance of uncertainty. When participants make a profit from cryptocurrency, they remove it from the portfolio; When they lose money from crypto money, they do not invest in it again. In addition, it can be said that participants relied on their previous experiences in the market and acted heuristic for their next cryptocurrency investment.

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Kripto Para Piyasası ve Yatırımcı Eğilimleri Analizi

Year 2024, Volume: 17 Issue: 1, 1 - 24, 30.04.2024
https://doi.org/10.17218/hititsbd.1372062

Abstract

Tüm dünyada yükselip trend haline gelen kripto para birimleri finansal piyasalarda önemli yatırım araçlarından biri olarak kendini göstermektedir. Kripto para birimleri son yıllarda yatırımcıların, şirketlerin, tüketicilerin ve yakın literatürden anlaşıldığı üzere akademinin dikkatini çeken yeni bir varlık sınıfı olarak ortaya çıkmıştır. Blok zincir teknolojisi ile ortaya çıkan ilk araç olan kripto para, her dönemde blok zincir teknolojisinin kullanıldığı diğer alanların (örneğin güvenlik) ve sektörlerin (örneğin bankalar) veya bu teknoloji kullanılarak ortaya çıkan diğer varlıkların (örneğin NFT) popülaritesinin önüne geçmektedir. Yatırımcılar kripto para konusunda bilgi sahibi olmamalarına, yatırımın otorite tarafından korunmamasına, yasal düzenleme bulunmamasına, çıkış noktasının neresi ve kim olduğunun bilinmemesine ve buna benzer belirsizliklere rağmen kripto para piyasasında her geçen gün daha fazla yer almaktadır. Teknolojinin hızla gelişimi ve tüm bireylerin teknolojiye kolayca ulaşmış olmaları, sosyal medyanın güç kazanması ve insanların bilginin kaynağını sorgulamadan bilgi kirliliğine maruz kalmaları, halk dilinde “kulaktan dolma bilgiler” denen doğrulanmamış verilerin saniyeler içinde sosyal medyadan yayılması, kripto para birimlerinin hızla popüler yatırım aracı haline gelmelerine olanak sağlamıştır. Kripto para birimleri yenilikçi ve hızla yükselen trende sahip finansal varlıklar olması sebebiyle davranışsal finans alanı için büyük bir zorluk teşkil etmektedir. Çünkü kripto para piyasasının nasıl işlediği konusunda ve de kripto para birimlerinin mimarisinde temel farklılık unsurları bulunmaktadır. Öncelikle kripto para ülkemiz dahil olmak üzere çoğu ülkede yasal değildir, kripto para piyasası olarak adlandırılan piyasanın da yasal güvence mekanizması mevcut değildir. Bu durum her ne kadar merkezi otoriteye tepki olarak ortaya çıkmış olan kripto paranın yatırımcıları için sorun teşkil etmese de kripto para ekosisteminde var olan borsaların herhangi bir şekilde yasal mevzuata uygunluğunun denetlenmemesi yatırımın riskini otomatik olarak artırmaktadır. Bu noktada çalışma, kripto para piyasasındaki yatırımcıların bu piyasanın özellikleri sebebiyle rasyonel davranmadıkları, davranışsal faktörlerden etkilendikleri düşünülerek kurgulanmıştır. Bilindiği üzere geleneksel finans teorisi, varlıkların fiyatlarını yatırımcı davranışlarının etkilemediğini savunmakta ve yatırımcıların 117 rasyonel davrandıklarını belirtmektedir. Davranışsal finans teorisi ise yatırımcıların yatırım kararlarının çok çeşitli davranışsal faktörden etkilendiğini, bireylerin yatırım kararlarında rasyonel davranmadıklarını savunmaktadır. Öyleyse kripto para piyasası yatırımcıları hangi yönde kararlar almaktadır? Kripto para birimlerine yatırım yapma motivasyonunu ve yatırım yapmaya iten farklı nedenleri araştıran çalışmalar literatürde yetersiz kalmıştır. Bu sebeple bu çalışma, davranışsal finans faktörlerinin kripto para piyasasındaki yatırım kararları üzerindeki etkisini araştırarak kripto para piyasasına yatırım yapan Türkiye’deki bireysel yatırımcılara odaklanmaktadır. Bu çalışmada kripto para piyasalarında işlem yapan bireysel yatırımcıların hangi davranışsal faktörlerin etkisinde kalarak yatırım yaptıklarını incelemek üzere çeşitli ölçeklerden oluşan anket formu hazırlanmıştır ve Türkiye’deki kripto para yatırımcılarına uygulanmıştır. Elde edilen veriler istatistiksel analiz programı aracılığıyla Bağımsız Örneklem t-testi ve tek yönlü ANOVA analizi kullanılarak test edilmiştir. Nicel bir yaklaşım kullanılarak gerçekleştirilen bu çalışmanın bulgularına göre; yatırımcıların kripto para yatırım tercihlerinin davranışsal eğilimlerden etkilendiği bulgusuna ulaşılmıştır. Üst sıralarda ortalamaya sahip eğilimler “aşırı iyimser davranma”, “pişmanlıktan kaçınma”, “belirsizlikten kaçınma” ve “sezgisel faktörler”dir. Bu sonuçlara göre katılımcıların kripto para piyasasına diğer finansal piyasalardan daha iyimser yaklaştıkları söylenebilir. Ayrıca katılımcıların yüksek oranda pişmanlık ve belirsizlikten kaçınma eğilimde oldukları ifade edilebilir. Katılımcılar kripto paradan kâr ettiklerinde onu portföyden çıkarmakta; kripto paradan zarar ettiklerinde de bir daha ona yatırım yapmamaktadır. Buna ek olarak katılımcıların bir sonraki kripto para yatırımı için piyasadaki önceki deneyimlerine güvendiği ve sezgisel davrandıkları söylenebilir.

Thanks

iyi çalışmalar dilerim

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Details

Primary Language Turkish
Subjects Behavioural Finance
Journal Section Articles
Authors

Esin Kendir 0000-0003-0435-7499

Burcu Aslantaş Ateş 0000-0002-8896-5303

Early Pub Date April 4, 2024
Publication Date April 30, 2024
Submission Date October 6, 2023
Published in Issue Year 2024 Volume: 17 Issue: 1

Cite

APA Kendir, E., & Aslantaş Ateş, B. (2024). Kripto Para Piyasası ve Yatırımcı Eğilimleri Analizi. Hitit Sosyal Bilimler Dergisi, 17(1), 1-24. https://doi.org/10.17218/hititsbd.1372062
Hitit Journal of Social Sciences is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License (CC BY NC).