Do Lunar Cycles Affect Bitcoin Prices?

Erdogan U., Isildar A. B., Erdogan T. G., AKAL F.

International Conference on Computing, Intelligence and Data Analytics, ICCIDA 2022, Kocaeli, Turkey, 16 - 17 September 2022, vol.643 LNNS, pp.271-280 identifier

  • Publication Type: Conference Paper / Full Text
  • Volume: 643 LNNS
  • Doi Number: 10.1007/978-3-031-27099-4_21
  • City: Kocaeli
  • Country: Turkey
  • Page Numbers: pp.271-280
  • Keywords: Cryptocurrencies, Data science, Lunar cycles
  • Hacettepe University Affiliated: Yes


People may want to benefit from other areas besides scientific and financial-based methods when making investment decisions. For example, it is thought that the lunar cycles guide the investors in some way and this is reflected in the stock market prices. In this paper, we examined the most dominant coin on the cryptocurrency exchange, Bitcoin, and observed the effects of the lunar cycles on its price. We compared Bitcoin opening and closing prices at the beginning and end of the lunar cycles by using McNemar’s test. As a result of our analyses, we concluded that the lunar cycles have no statistically significant impact on Bitcoin price changes.