Kemajuan di era digital ini dan aktivitas ekonomi yang berkembang yang terjadi dalam keberadaan manusia, ini juga yang dapat menjadi fokus. Karena penggunaan internet dan media sosial yang luas di negara ini, pertumbuhan ekonomi digital di Indonesia dianggap memiliki potensi yang besar. Penelitian ini bertujuan untuk melakukan pengkajian terhadap perlindungan keamanan aset investor Cryptocurrency di exchange Indonesia. Penelitian ini menggunakan metode penelitian hukum normatif yang berfokus pada hukum. Peraturan perundang-undangan, serta putusan dan rekomendasi pengadilan, menjadi landasan bagi kajian yuridis normatif. Penelitian ini menyimpulkan bahwa hubungan hukum merupakan interaksi antara dua atau lebih subjek hukum, di mana hak dan kewajiban di satu pihak berhadapan dengan hak dan kewajiban pihak lain. Dalam konteks transaksi jual-beli aset kripto, seperti bitcoin, di Bursa Berjangka, hubungan hukum ini menjadi lebih kompleks karena melibatkan berbagai pihak dan regulasi khusus. Secara keseluruhan, hubungan hukum dalam transaksi jual-beli aset kripto di Bursa Berjangka melibatkan berbagai pihak dan diatur oleh sejumlah regulasi untuk memastikan transaksi berjalan adil dan transparan, serta hak dan kewajiban masing-masing pihak terpenuhi.
Apart from conventional currency, Cryptocurrency can also be used as an investment asset. However, Cryptocurrency is famous for its high level of volatility, where this investment can produce large profits and losses in a short time. Seeing this opportunity, many people are starting to be interested in investing in this instrument. Various responses and assessments have developed in society regarding this investment, especially in Indonesia. At the beginning of its appearance, people were skeptical about the results offered. And quite a few also assume that this investment is nothing more than a fraudulent scheme. However, as time goes by, and as information spreads easily, people begin to understand and believe in this type of investment and start investing on a small to massive scale. Even now, some people still believe that Cryptocurrency investment is a scam. This research aims to collect data on how much trust the Indonesian people have in investing in Cryptocurrency. This research method uses a quantitative method, namely using primary data in the form of a questionnaire distributed to the people of Denpasar City. With a population of 30 people and a sample calculated using the Slovin formula of 30. Based on this research, the level of trust has no significant effect on cryptocurrency as an investment tool. There are many factors that influence people's confidence in investing in cryptocurrencies.
Minat Generasi Z dalam investasi dipicu oleh ketersediaan informasi yang semakin terbuka mengenai investasi cryptocurrency, tetapi banyak Generasi Z berinvestasi hanya karena tren belaka tetapi tidak mempunyai pengetahuan yang cukup. Meninjau hal tersebut studi ini bertujuan melihat pengaruh literasi keuangan, toleransi risiko, dan overconfidence terhadap keputusan investasi cryptocurrency. Populasi penelitian ini perwakilan generasi z yaitu mahasiswa akuntansi angkatan 2020 dengan kriteria tertentu. Googleform digunakan untuk menyebarkan kuesioner, penelitian ini menggunakan metodologi kuantitatif dan data primer. Metode Partial least square (PLS) digunakan dalam analisis data penelitian ini. Hasil penelitian ini bahwasanya semakin banyak investor dengan literasi tinggi, semakin banyak informasi yang mereka ambil dalam mengambil keputusan investasi cryptocurrency. Toleransi risiko yang lebih tinggi, cenderung berinvestasi pada aset berbahaya, seperti cryptocurrency. Selain itu, berinvestasi dalam cryptocurrency karena tingkat overconfidence ataupun kecenderungan mereka untuk terlalu percaya diri pada kemampuan mereka sendiri. Hal tersebut didukung juga dengan kecanggihan teknologi yang dikuasai oleh generasi z.
This research aims to analyze the use of transfer funds in encouraging local revenue (PAD) for the North Toraja Regional Government. The data collection procedure in this research is library research and documentation. This research uses ratio analysis of the degree of fiscal decentralization and financial dependency ratio. The research results show that the average ratio of the degree of fiscal decentralization is 4,63% this means that PAD has very poor ability to finance regional development. Meanwhile, the average financial dependency ratio is 90,74% this means that the financial dependency of the North Toraja Regency area is in a very high category.
This study aims to determine the effect of fiscal decentralization financing sources on poverty levels. This study covers areas in Jambi Province using secondary time series data for the period 2007-2016. This study uses Multiple Regression Analysis. Fiscal decentralization financing sources of local revenue and balancing funds do not have a significant positive effect on poverty levels in Jambi Province, while other legitimate incomes have a positive and significant effect in Jambi Province from 2007-2016. The effect of fiscal decentralization financing sources (PAD, DP, PL) on poverty levels in Jambi Province is 80.2%, while the remaining 19.8% is influenced by other factors not included in this study. And there is a strong relationship between fiscal decentralization and poverty levels of 89.6%.
Capital expenditure is part of regional expenditure which is used to budget expenditures made in the context of procuring fixed assets and other fixed assets which have a useful life of more than 12 (twelve) months, are used in local government activities and is a regulated minimum capitalization of fixed assets. in regional regulations. Factors that affect capital expenditure include the influence of general allocation funds (DAU), regional original income (PAD), and regional government financial performance as a source of financing as well as the measurement of regional financial performance in the implementation of capital expenditure both for the smooth running of government affairs and for improving facilities and infrastructure public. Financial performance in this study is proxied by the independence ratio, the PAD effectiveness ratio, the degree of fiscal decentralization, and the dependency ratio. The purpose of this study was to examine the effect of general allocation funds (DAU), regional original income (PAD), and local government financial performance on capital expenditure. This research is quantitative using SPSS version 26 software. It uses secondary data with data collection techniques using the documentary method. It uses a total sampling technique so that 81 samples consisting of 27 District and City Governments in West Java Province are obtained for the period 2019–2021. The results found that PAD and DAU partially significantly affected capital expenditure. Regional Government Financial Performance in the form of Dependency Ratio and Fiscal Decentralization Ratio partially has a significant effect on capital expenditure. Meanwhile, the Regional Government's Financial Performance in the form of the Independence Ratio and the PAD Effectiveness Ratio partially have no impact on Capital Expenditures.
This research is based on the advancement of digital currency technology in Indonesia. This study aims to determine the effect of investment knowledge, investment motivation, and income on cryptocurrency investment interest. This research is a quantitative descriptive study involving 97 respondents from Trilogy University, Faculty of Economics and Business, who were taken by the purposive sampling method. Then the research data was tested using several analyses, namely descriptive statistical tests, outer model tests, inner model tests, and hypothesis testing. The results showed that the investment knowledge variable had a positive and significant effect on interest in investing in cryptocurrency. On the other hand, the investment motivation variable had no significant effect on interest in cryptocurrency investment, while the income variable had a positive and significant effect on interest in cryptocurrency investment.Penelitian ini didasari adanya kemajuan teknologi mata uang digital di Indonesia. Penelitian ini bertujuan untuk mengetahui pengaruh pengetahuan investasi, motivasi investasi dan pendapatan terhadap minat investasi mata uang kripto. Penelitian ini merupakan penelitian deskriptif kuantitatif dengan melibatkan 97 responden Mahasiswa Universitas Trilogi Fakultas Ekonomi dan Bisnis yang diambil dengan metode purposive sampling. Kemudian data penelitian diuji dengan menggunakan beberapa analisis yaitu uji statistik deskriptif, uji outer model, uji inner model dan uji hipotesis. Hasil penelitian menunjukkan bahwa variabel pengetahuan investasi berpengaruh positif dan signifikan terhadap minat berinvestasi mata uang kripto, sebaliknya variabel motivasi investasi tidak berpengaruh signifikan terhadap minat investasi mata uang kripto, sedangkan untuk variabel pendapatan berpengaruh positif dan signifikan terhadap minat investasi mata uang kripto.
This research aims to comprehensively explore the fundamental factors that influence cryptocurrency price volatility, and apply them to adoption, regulation and investment strategies. The fundamental factors explained include supply, demand, mining activity, transaction fees, block size, blockchain technology, and context mechanisms. This research uses a qualitative and quantitative approach with literature study and secondary data analysis. The research results show that cryptocurrency price volatility is significantly influenced by the interaction of supply and demand, mining activity as reflected in the hash rate, as well as transaction costs and block size in the blockchain network. Additionally, blockchain technology and the context mechanisms used also contribute to price volatility. High price volatility hinders the use of cryptocurrencies as a stable medium of exchange and investment instrument.
This research aims to examine the influence of cryptocurrencies on stock market prices in Indonesia. This research uses multiple regression analysis using daily tme series data from 2020-2022 so that the number of observations in this research is 1096. The findings in this research show mixed results between cryptocurrency assets and stock market prices in Indonesia. From the research results, Bitcoin does not have a significant influence on stock market prices in Indonesia, while Ethereum and Binance Coin have a positive and significant influence, but this is different from Maker and Pax Gold. Maker and Pax Gold have a negative and significant influence on stock market prices. The findings in this research show that the nature of the influence of cryptocurrency on stock market prices in Indonesia is not the same but depends on the cryptocurrency asset itself. The findings in this research suggest that investors and market players need to consider these two assets together in their investment strategies.
This research was used to measure the influence of investment knowledge, return, risk tolerance, financial literacy, regret aversion, and overconfidence on cryptocurrency investment decisions. This research is quantitative research where the objects used are the public or active investors who invest in cryptocurrency in Indonesia. The number of samples used in this research was 101 respondents. Data collection techniques use questionnaires and data processing and hypothesis testing using Spss. The results of this research explain that the variables investment knowledge, return, risk tolerance have a positive but not significant effect on cryptocurrency investment decisions. Meanwhile, financial literacy, regret aversion, overconfidence have a significant positive effect on cryptocurrency investment decisions.
This study aims to analyze the financial performance of the local government in managing the Regional Revenue and Expenditure Budget (APBD) of Bogor Regency, as well as to examine the supporting and inhibiting factors affecting such performance. The object of this research is the Bogor Regency Local Government. This study employs both secondary and primary data using a descriptive quantitative approach. The results indicate that the financial performance of the Bogor Regency Government during the period 2017–2022, measured using the decentralization degree ratio, falls into the “moderate” category, as it has not yet been able to fully finance governmental activities independently. The expenditure harmony ratio suggests that government spending has not been fully oriented toward capital or development expenditure. Furthermore, the regional dependency ratio remains very high, indicating strong reliance on central government transfers. However, the regional independence ratio is categorized as “moderate,” reflecting a gradual reduction in dependence on central government assistance. The effectiveness ratio of local own-source revenue (PAD) is optimal, demonstrating the government's ability to mobilize revenue in accordance with planned targets. The efficiency ratio indicates successful cost control in revenue collection, while both revenue and expenditure growth ratios show positive trends. Supporting factors for financial performance include improved employee competence, enhanced public service delivery, and better coordination with the central government, particularly regarding financial information systems and digital public services. Meanwhile, inhibiting factors include limitations in human resources, suboptimal financial administration systems, and the fact that PAD has not yet become the primary source of regional revenue.
Abstract. Volatility is a fluctuation or random change in return prices, in time series data volatility can cause heteroscedasticity or variance that is not constant where in general time series data must have a constant variance (homogeneous). Analysis that can be used in handling data with non-constant (heterogeneous) variance is using the Generalized Autoregressive Conditional Heteroscedasticity (GARCH) model. Return data is also identical to asymmetric changes in terms of negative and positive changes, it can also be analyzed with a special model, namely the Threshold GARCH model, where the TGARCH model considers positive and negative changes in return data to have different effects. The return data used in this study is Ethereum return data taken from the investment website and will be modeled using the TGARCH model. The first model estimated is the ARIMA (2,1,1) model. After testing the residual data, it was found that the ARIMA(2,1,1) model had an ARCH effect (heteroscedasticity), the second model estimated was the GARCH(1,1) model. After testing the residual data, it is found that the GARCH(1,1) model has an asymmetric effect, so the TGARCH model can be estimated. The best TGARCH model is the TGARCH(1,1) model. From the results of the research conducted, it can be concluded that the influence of positive allowances (good news) has a greater influence on the return value of ethereum than negative allowances (bad news). When there is a positive allowance, it will have an impact on the volatility of the Ethereum return value of 0.0006212. Meanwhile, when there is a negative allowance, it will have an impact on the volatility of the Ethereum return value of -0.32753. Abstrak. Volatilitas adalah fluktuasi atau perubahan harga return secara acak, dalam data time series volatilitas dapat menyebabkan terjadinya heteroskedastisitas atau varians yang tidak konstan dimana pada umumnya data time series harus memiliki varians yang konstans (homogen). Analisis yang dapat digunakan dalam menangani data dengan varians yang tidak konstans (heterogen) yaitu menggunakan model Generalized Autoregressive Conditional Heteroscedasticity (GARCH). Data return pun identik dengan perubahan asimetris dalam hal perubahan negatif dan positif, hal tersebut juga dapat dianalisis dengan model khusus yaitu model Threshold GARCH, dimana model TGARCH menganggap perubahan positif dan negatif pada data return memiliki efek yang berbeda. Data return yang digunakan dalam penelitian ini adalah data return Ethereum yang diambil dari website investasi dan akan dimodelkan menggunakan model TGARCH. Model pertama yang diestimasi adalah model ARIMA(2,1,1). Setelah dilakukan pengujian pada residual data, didapatkan hasil bahwa model ARIMA(2,1,1) memiliki efek ARCH (heteroskedastisitas), model kedua yang diestimasi adalah model GARCH(1,1). Setelah dilakukan pengujian pada residual data, didapatkan bahwa model GARCH(1,1) memiliki efek asimetris, maka model TGARCH dapat diestimasikan. Model TGARCH yang terbaik adalah model TGARCH(1,1). Dari hasil penelitian yang dilakukan dapat disimpulkan bahwa pengaruh gunjangan positif (good news) memiliki pengaruh yang lebih besar pada nilai return ethereum dibandingkan gunjangan negatif (bad news). Ketika terdapat gunjangan positif, maka akan berdampak pada volatilitas nilai return Ethereum sebesar 0.0006212. Sedangkan ketika terdapat gunjangan negatif, maka akan berdampak pada volatilitas nilai return Ethereum sebesar -0.32753.
Sri Endar Utami, Agusta Amanda Wulandari, Tiffany Natalia Petronela Gah
Purpose: The implementation of regional government is based on the principle of regional autonomy. The implementation of local government is also marked by the change in the system from centralization to decentralization which is directed at accelerating the realization of the welfare of the Indonesian people. Therefore, each region is required to be more independent in managing and managing its government affairs, including in managing regional finances. One of the vital cycles in regional financial management is reporting carried out at the end of each accounting period, in the form of local government financial reports (LKPD). LKPD can be used as a means of conducting performance analysis so that it can increase the role of financial reports themselves. Therefore, the author will conduct more in-depth research to determine the performance of the Kupang City Regional Government over the last 5 years.
 Design/methodology/approach: This research uses a quantitative descriptive approach. The data collection method will be carried out with documentation. The data is a Budget Realization Report contained in the BPK Audit Results Report for 2018-2022.
 Findings: The data is then analyzed using financial ratio analysis in the form of regional financial independence ratios, regional financial dependence ratios, degree of decentralization ratios, ratios of effectiveness of regional original income, ratios of regional financial efficiency, harmony ratios and growth ratios. The results of the study stated that the role of the central government was more dominant in financing the administration of the Kupang City regional government, the financial dependence of the local government on the center in the form of transfer income during the last 5 years was very high, the percentage of local original income was less when compared to the total income, the effectiveness of regional original income during The last 5 years have been quite effective. local governments need quite large funds and even increase yearly as long as they finance government operations, but capital expenditures are decreasing yearly. On the other hand, revenue growth from 2018 to 2022 tends to decrease, while the growth in operating expenditures and capital expenditures has fluctuated over the past 5 years. Therefore, the Regional Government of Kupang City is expected to maximize the revenue potential in the region. This is to reduce the dominance of the central government in financing the implementation of the Kupang City Regional Government.
 Paper type: Research Paper
Anjar Wulan, Sitti Zakiah Ma’mun, Muhammad Sofian Maksar
Penelitian ini bertujuan untuk mengkaji kemampuan logam mulia emas dan cryptocurrency bitcoin untuk berperan sebagai aset safe haven bagi pasar saham di Indonesia. Penelitian ini menggunakan model Dinamic Conditional Correlation-Generalized Autoregressive Conditional Heteroscedasticity (DCC-GARCH) untuk menguji hubungan antara emas dan bitcoin terhadap pasar saham. Data yang digunakan merupakan data sekunder, yang terdiri dari 1.343 observasi harian dari harga penutupan saham (IHSG), emas dan juga bitcoin. Hasil dari analisis data menunjukan bahwa koefisien korelasi emas dan saham bernilai negatif pada kuantil 10% dan bitcoin menunjukan koefisien koreasi yang bernilai negatif pada kuantil 5%, sedangkan pada kuantil lainnya koefisien korelasi bernilai positif untuk kedua aset tersebut. Hasil ini menunjukan jika emas dan bitcoin hanya berperan sebagai sebagai aset safe haven bagi saham pada kondisi pasar tertentu saja. Selain itu, hasil analisis juga menunjukan bahwa, ketika terjadinya volatilitas pasar ekstrim seperti pandemi COVID-19, emas dan bitcoin tidak dapat berperan sebagai aset safe haven bagi pasar saham.
This research investigates the impact of Cryptocurrency investments and market volatility on the profitability of energy companies in Indonesia through quantitative analysis. The study involved a sample of 200 participants, including Cryptocurrency investors and executives of energy companies. Analysis of measurement models establishes construct validity and reliability (Cryptocurrency Investment, Market Volatility, and Profitability), and analysis of structural models reveals significant relationships between these variables. Surprisingly, the results showed that increased Cryptocurrency investments and higher market volatility were associated with increased profitability of energy companies. The model fit index confirms the robustness of the proposed model. The findings have implications for investors, policymakers, and industry stakeholders, who emphasize the need for informed decision-making in navigating the ever-evolving landscape of cryptocurrencies and traditional industries.
Ari Okta Viyani, Wahyu Adi Mudiparwanto, Syah Ammar Brawijaya Siraj
Non-fungible token (NFT) is a new type of blockchain-based token that is unique and cannot be divided. The existence of NFT technology provides benefits for the realization of a digital economy in the future. However, not much research has been done on this technology. Apart from that, the adoption and level of legitimacy of NFT technology for economic actors in Indonesia is also still very limited. Therefore, the role of adoption and legitimacy for economic actors in Indonesia needs to be increased, considering the many benefits of this technology for the realization of a digital economy in the future. To be able to increase the level of adoption and legitimacy for economic actors in Indonesia, the first thing that needs to be done is to know the basic reasons someone wants to accept (legitimize) and then use (adopt) the technology. If the basic reasons are known, the government can implement policies that are able to encourage higher technology adoption. This research uses the ZMET (Zaltman Metaphor Elicitation Technique) technique. This method is able to reveal a person's subconscious thoughts, which are sometimes hidden during interviews.
Investasi merupakan salah satu cara untuk mengalokasikan dana ke dalam bentuk investasi yang menguntungkan dengan memiliki dimensi waktu jangka panjang. Namun, keputusan investasi yang diambil harus dipertimbangkan dengan baik karena memiliki konsekuensi berjangka panjang pula. penelitian ini untuk menguji pengaruh herding dan overconfidence terhadap keputusan investasi cryptocurrency di PurwakartaPenelitian ini merupakan penelitian kuantitatif dengan melakukan survei terhadap investor cryptocurrency menggunakan kuesioner, sampling penelitian menggunakan aksidental terhadap investor di Purwakarta, responden yang di dapatkan berjumlah 53. Data dianalisis secara statistik untuk memahami pengaruhnya dengan analisis regresi berganda.Hasilnya ditemukan bahwa herding bias memiliki pengaruh positif yang signifikan terhadap keputusan investasi, sementara overconfidence bias juga mempengaruhi keputusan investasi meskipun dengan pengaruh yang lebih rendahInvestor perlu meningkatkan pemahaman tentang cryptocurrency, melakukan analisis yang cermat, dan mengurangi pengaruh perilaku herding dan overconfidence bias untuk membuat keputusan investasi yang lebih rasional.
Penelitian ini bertujuan untuk menganalisis perbandingan kinerja instrumen investasi Cryptocurrency Bitcoin, Reksa Dana Saham Sucorinvest Equity Fund, dan Emas Antam yang dapat menjadi pertimbangan bagi investor dalam pengambilan keputusan investasi. Populasi dan sampel dalam penelitian ini yaitu harga penutupan bulanan Cryptocurrency Bitcoin dan Emas Antam, serta NAB bulanan Reksa Dana Saham Sucorinvest Equity Fund dengan teknik pengambilan sampel jenuh pada tahun 2020-2022, yaitu sebanyak 108 data. Penelitian ini menggunakan data sekunder. Data terlebih dahulu diolah dengan bantuan Microsoft Excel, kemudian diuji dengan uji statistik nonparametrik Kruskal Wallis menggunakan SPSS 29.0 for windows. Hasil penelitian ini menunjukkan bahwa terdapat perbedaan kinerja yang signifikan antara Cryptocurrency Bitcoin, Reksa Dana Saham Sucorinvest Equity Fund, dan Emas Antam diukur dengan metode Sharpe Ratio dan Jensen Ratio. Sementara, hasil pengukuran dengan metode Treynor Ratio menunjukkan tidak terdapat perbedaan kinerja yang signifikan antara Cryptocurrency Bitcoin, Reksa Dana Saham Sucorinvest Equity Fund, dan Emas Antam.
Kadek Diah Listiyani Putri, I Gusti Ayu Nyoman Budiasih
The Ministry of Finance shows data regarding interest in investing in Cryptocurrency in Indonesia continues to increase. This study aims to obtain empirical evidence of the influence of investment knowledge, risk perception, returns, and motivation on students' interest in investing in Cryptocurrency. The sample was taken using the purposive sampling method and obtained 110 student respondents for the 2019 and 2020 batches of the Bachelor of Accounting study program, Faculty of Economics and Business, Udayana University. Multiple linear regression analysis was used in this study as a data analysis technique. Based on the results of the analysis, it was found that things related to investment knowledge, returns, and motivation had a positive effect on students' interest in investing in Cryptocurrency, while perceptions of risk had no effect on students' interest in investing in Cryptocurrency.
I Made Gede Abandi Semeru, Yunieta Anny Nainggolan
Abstract : In forming their portfolios, investors should analyze the risk and return of each investment instrument. This is aimed at preventing investors from speculating and gambling with their investments. Conducting an investment portfolio optimization study on LQ-45 stock index, government bond, USD, gold, and Bitcoin can provide valuable insights due to unique market characteristics in Indonesia. This research analyzes the formation of investment instruments over the last 60 months, specifically from January 2018 to December 2022. The research method used in this study is quantitative research aimed at selecting several investment instruments for a portfolio in Indonesia. The portfolio aims to minimize risk and maximize return using the Markowitz method, also known as the optimal portfolio. To fulfill the objectives of this research, data on the prices of each instrument are required. An optimal portfolio can be obtained by combining two instruments: 18% bitcoin and 82% gold. This optimal portfolio can achieve an expected return of 1.29% with a risk level of 5.15%. Considering a risk-free rate of 0.375%, this portfolio forms a slope of 0.1775, which is the largest slope formed between the combination of risk-free instruments and risky portfolios. Investors should allocate their funds more wisely, considering not only the highest return but also the associated risk. High returns often come with high risks, so investors need to assess the risk-return trade-off before making investment decisions.
The use of digital currency or cryptocurrencies has been common since 2018. However, its use as an investment instrument is different from the conventional currency recognized by the state, this is because a cryptocurrency appeared by a number of organizations/companies and its value does not depend on the economic condition of a country, but on the status of a company/issuer of a digital currency. Difficulty predicting liability and growth creates computational needs to determine which digital currencies are suitable for investment, so in this study, 11 digital currencies are used to try out. Experiment with AHP calculations to get the best digital currency to use as an investment tool. This calculation translates into IOT Coin against other famous digital currencies, such as Bitcoin or Ethereum.
This research was conducted to determine the impact of the crisis caused by Russia and Ukraine on the condition of various war instrument investments, such as the stock market represented by the JCI and the Nasdaq Index, world gold prices, crypto assets such as bitcoin, Ethereum, ripple as well as against the US dollar. From these results, it is hoped that later the most stable investment instrument can be found when there is a crisis shock, so that it can provide input to investors to be able to make the safest investment. The study was conducted testing the difference between pre- and post-war conditions of Russia-Ukraine. The test uses a Wilcoxon test that is adjusted to the normality test results. Based on the tests carried out, it shows that there is a difference between the Stock Market (JCI); Stock Market (NASDAQ); Dollars; Crypto (Bitcoin); Crypto (Ethereum); Crypto (Ripple); World Gold before (Pre) with after (Post) Russia-Ukraine War.
Ratna Juwita*, Dewi Melinia Ramadhani, Anis Wahyu Intan Maris
This study examines the determinants of cryptocurrency returns, namely Trading Volume, Price Volatility, and Market Capitalization. This study uses Bitcoin, Ethereum, Tether, USD Coin, and BNB, which are the Top 5 largest Cryptocurrency Market Capitalizations in 2022. The testing method used in this study is a panel data regression analysis. The results of this study prove that Trading Volume and Price Volatility have a significant and positive effect on Cryptocurrency Returns. In contrast, Market Capitalization does not substantially impact Cryptocurrency Returns. If investors want to earn high returns, then it is advisable to choose cryptocurrencies with high trading volume and high price volatility. But keep in mind, with high price volatility can also mean a greater risk of the coin. Keywords: Cryptocurrency; Trading Volume; Price Volatility; Market Capitalization; Return Abstrak Penelitian ini bertujuan untuk menguji berbagai factor penentu imbal hasil cryptocurrency yaitu Volume Perdagangan, Volatilitas Harga dan Market Capitalization. Studi ini menggunakan Bitcoin, Ethereum, Tether, USD Coin, dan BNB yang merupakan Top 5 Market Capitalization Cryptocurrency terbesar tahun 2022. Metode pengujian yang dilakukan dalam penelitian ini yaitu uji analisis regresi data panel. Hasil dari penelitian ini membuktikan bahwa Volume Perdagangan dan Volatilitas Harga berpengaruh signifikan dan positif terhadap Return Cryptocurrency, sedangkan Market Capitalization tidak memiliki pengaruh yang signifikan terhadap Return Cryptocurrency. Jika investor ingin mendapatkan return yang tinngi, maka disarankan untuk memilih cryptocurrency yang memiliki Volume Perdagangan dan Volatilitas Harga yang tinggi. Namun yang perlu diingat adalah, dengan tingginya Volatilitas Harga berarti pula tingginya risiko koin crypto tersebut. Kata Kunci: Mata uang kripto; Volume Perdagangan; Volatilitas Harga; Kapitalisasi pasar; Pengembalian
Muhamad Rizky Ramadhan, Wita Juwita Ermawati, Anna Fariyanti
Research aims: This study aims to investigate herding behavior in the large-capitalization cryptocurrency market and analyze the role/influence of Indonesia's macroeconomic factors, namely inflation and interest rates, on herding behavior in the large-cap cryptocurrency market.Design/Methodology/Approach: This study used secondary data from the daily closing prices of five large-cap cryptocurrencies and Indonesia's macroeconomic data (inflation and interest rates) from April 2019 to December 2022 by using the Cross-Sectional Absolute Deviation (CSAD) model and Newey-West estimator regression approach to detect herding behavior with a modified independent variable model involving factors influencing herding behavior.Research findings: Based on the results using the Newey-West estimator, three main results were obtained. First, large-cap cryptocurrency investors tend to be irrational in their decisions and follow the decisions of others without reference to their beliefs or herding during the sample period. Second of the two macroeconomic factors studied, i.e., inflation and interest rates, only changes in inflation rates influence investor herding behavior. Third, the market is inefficient with the proven tendency of herding behavior in large-cap cryptocurrencies.Practical and Theoretical contribution/Originality: This study narrows down the research of previous studies by using cryptocurrency research objects with a large market capitalization (large cap). In addition, this research extends the research of previous studies by considering external factors related to macroeconomic conditions in Indonesia in general, such as the inflation rate and the interest rate. This study can provide information about financial behavior in the cryptocurrency market, especially herding behavior, so that investors and policymakers can be assisted in formulating investment strategies and regulating cryptocurrencies.Research limitation: This research was limited to using only cryptocurrency assets by not using crypto-tokens, non-fungible tokens (NFT), and other crypto-assets.