Table 2

Factors of cryptocurrency

FactorsDenotationsDescriptionCitation
Media coverageF1Media coverage refers to the headlines in the news impacting cryptocurrenciesAkin et al. (2023), Kulbhaskar and Subramaniam (2023), Huynh (2022) 
Social media platformF2Twitter is a social networking platform where users may send short messages, known as tweets. Tweets, or Twitter posts, are messages sent to others, including text, photographs, video, and a Graphics Interchange Format (GIF)Zhang and Zhang (2022), Hamori and Takiguchi (2020), Hamza (2020) 
Google TrendF3The first thing in today’s world is a Google search. Google Trends analyses a subset of Google web searches to identify the volume of searches conducted on a specific subject within a defined timeframeChuen (2015), Aslanidis et al. (2022) 
CelebritiesF4The views or statements of celebrities, including eminent personalities like (Elon Musk, the President of the United States, Actors, etc.)Ullah et al. (2022), Ante (2023), Zhang and Zhang (2022), Al-Shboul et al. (2023) 
WarF5Severe effect of war at the global levelTheiri et al. (2022), Khalfaoui et al. (2023), Chowdhury and Humaira (2023) 
PandemicF6Pandemic is an outbreak of a disease that occurs over a wide geographic area and affects a very high proportion of the populationFrikha et al. (2023), Al-Shboul et al. (2023) 
Economic uncertaintyF7A situation with a great deal of risk and unknowns, making it difficult to forecast the future state of the economyMnif et al. (2024), García-Peñalvo (2021), Koeswandana and Sugino (2023) 
HerdingF8The phenomenon of people choosing to follow others and mimic group behaviours instead of making independent decisions based on personal informationBogdan et al. (2023), Wanidwaranan and Termprasertsakul (2023), Omane-Adjepong et al. (2021), Youssef (2022) 
ReligiosityF9It is the extent of an individual’s religious beliefs, practices, and involvement in religious activitiesWang et al. (2023), Yen et al. (2023), Chowdhury and Abdullah (2023) 

Source(s): Authors’ compilation

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