Bitcoin is the most influential digital cryptocurrency of the time and its price mechanism has attracted much attention from re-searchers in the world.Based on the heterogeneous network theory,this paper uses Bitcoin transaction data of 1,307 days from 1 January 2015 to 31 July 2018 to construct a Bitcoin transaction evolution network and,applies long-term series correlation analysis,cointegration test,linear regression and threshold regression model to analyze the linkage relationship between the structure evolution of Bitcoin hetero-geneous transaction network and Bitcoin price fluctuation.The research findings are as follows.First,the evolution of number of transac-tions,number of addresses,average balance of addresses and network diameter has positive linkage effects on the fluctuation of Bitcoin price.Second,the linkage effect is asymmetric in different price ranges:when Bitcoin price is below or above $ 4,360,there is a signif-icant difference on the linkage effect between network structure evolution and price fluctuation as the former has a significantly greater im-pact on the price fluctuation than the latter.
关键词
数字加密货币/比特币价格波动/异构网络分析/相关分析/非对称联动分析
Key words
digital cryptocurrency/Bitcoin pricing/heterogeneous network analysis/correlation analysis/asymmetric linkage analysis
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