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DOI: https://doi.org/10.34069/AI/2023.66.06.23
How to Cite:
Mitchuk, O., Shayda, N., Sydorenko, N., Pohrebniak, I., Horodenko, L. (2023). The role of information and communication
processes in facilitating the decisions of economic entities in the bitcoin market. Amazonia Investiga, 12(66), 244-260.
https://doi.org/10.34069/AI/2023.66.06.23
The role of information and communication processes in facilitating
the decisions of economic entities in the bitcoin market
El papel de los procesos de información y comunicación para facilitar las decisiones de las
entidades económicas en el mercado del bitcoin
Received: June 3, 2023 Accepted: July 1, 2023
Written by:
Olha Mitchuk1
https://orcid.org/0000-0002-1011-7320
Natalia Shayda2
https://orcid.org/0009-0003-3322-6583
Nataliia Sydorenko3
https://orcid.org/0000-0001-8734-9704
Inha Pohrebniak4
https://orcid.org/0000-0002-5181-8561
Lesia Horodenko5
https://orcid.org/0000-0002-8400-7917
Abstract
This publication contains the results of a study to
determine the role and mechanisms of
journalistic information products in shaping the
trendiness of cryptocurrency exchanges. The
methodology of content analysis, case study, and
analytics was applied, which allowed to obtain
practical results on the actual functional purpose
of journalism in the newest New Media
paradigm. The research findings indicate a
significant impact of the cryptocurrency market,
in particular, Bitcoin, on the global economy.
This is due to the introduction of digital
currencies among developed economies that are
seeking to integrate blockchain technology. The
development of digital technologies and the New
Media paradigm have had a significant impact on
the cryptocurrency market, as illustrated by the
influence of Elon Musk. Journalism acts as an
information and analytical buffer, providing
market participants with statistical information
and analytical conclusions. Traditional
1
Doctor of Science in Social Communications, Professor, Professor of the Department of Journalism and New Media, Borys
Grinchenko Kyiv University, Ukraine.
2
Ph.D. in Social Communications, Associated Professor of the Department of Theory and Practice of Journalism, Ivan Franko
National University of Lviv, Ukraine.
3
Doctor of Science in Philology, Professor, Professor of the Department of History of Journalism, Taras Shevchenko University of
Kyiv, Kyiv, Ukraine.
4 Ph.D. in Philological Sciences, Associate Professor, Head of the Department of Journalism and New Media, Borys Grinchenko Kyiv
University, Ukraine.
5
Doctor of Sciences in Social Communications, Associated Professor, Senior Lecturer of the Educational and Scientific Institute of
Journalism, Taras Shevchenko National University of Kyiv, Ukraine.
Mitchuk, O., Shayda, N., Sydorenko, N., Pohrebniak, I., Horodenko, L. / Volume 12 - Issue 66: 244-260 / June, 2023
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journalistic publications such as Forbes, Reuters,
Economic Times, Bloomberg are adapting to the
New Media paradigm. Information about Elon
Musk's influence shows that journalists act as an
information and analytical buffer, providing
information and analytical conclusions to
cryptocurrency market participants. The study
demonstrates the role of journalism in shaping
trends in cryptocurrency markets, which
emphasizes the need for high quality and
reliability of the information published. The use
of information control elements, such as
blockchain, may be the next step in the
development of journalism and the New Media
paradigm.
Keywords: journalism, New Media, blockchain,
exchange, cryptocurrency.
Introduction
The study of the role of information and
communication processes in facilitating the
decisions of economic agents in the Bitcoin
market is relevant for several reasons.
First, bitcoin has gained considerable publicity
and has become the most famous cryptocurrency.
Its use in the economy is spreading, and this
creates a need to study the impact of information
and communication processes on the Bitcoin
market (Kevser, 2023; Canöz, 2023; Chiriță,
Nica & Popescu, 2022).
Secondly, the cryptocurrency market, in
particular, Bitcoin, is known for its high
volatility. Bitcoin prices can change
dramatically, which affects the decisions of
economic actors. Studying the role of
information and communication processes will
allow us to better understand what factors and
news affect bitcoin prices and help economic
actors make informed decisions (Xia, Sang, He
& Wang, 2023; Nouir & Hamida, 2023; Akbiyik
et al., 2023).
The third reason is the growing role of
technologies in the information and
communication sector. Due to the rapid
development of information technology and the
Internet, access to information about Bitcoin is
becoming more and more widespread. This
opens up new opportunities for market analysis,
trend forecasting, and the development of
investment strategies (Prokopenko et al., 2022;
Pawełoszek, Kumar & Solanki, 2022;
Hrynchyshyn, 2021).
In addition, information and communication
processes have a significant impact on the
perception of Bitcoin as an asset and on the trust
in this cryptocurrency. Messages, news, and
social media can significantly influence the
perceptions and attitudes of the public, investors,
and economic actors towards Bitcoin. Studying
the role of information and communication
processes will reveal which factors and sources
of information have the greatest impact on the
formation of opinions and decisions about
Bitcoin (Ante, 2023; Zilius, Spiliotopoulos &
van Moorsel, 2023; Anamika, Chakraborty &
Subramaniam, 2023).
Thus, information and communication processes
can affect the stability of the Bitcoin market. The
dissemination of inaccurate or incorrect
information can lead to significant price
fluctuations and undesirable market reactions.
Studying the role of information and
communication processes in providing high-
quality, reliable, and balanced information can
help reduce market volatility and create a more
stable environment for economic entities (Gaies,
Nakhli, Sahut & Schweizer, 2023; Hoyng, 2023;
Beckmann, Geldner & Wüstenfeld, 2023).
Finally, understanding the role of information
and communication processes in facilitating the
decisions of economic actors in the Bitcoin
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market can be of practical importance for
investors, traders, and entrepreneurs. Analyzing
the information environment and understanding
how information affects prices can help in
developing investment strategies, managing
risks, and choosing the best time to enter or exit
the Bitcoin market (Alexander, Deng, Feng &
Wan, 2023; Shang, Yan, Zhang & Cui, 2023;
Yoshihara & Kaizoji, 2022).
In accordance with the above arguments, we
conclude that the need to study the role of
information and communication processes in
facilitating the decisions of economic actors in
the Bitcoin market arises from the need to
understand and predict market dynamics, reduce
risks and promote the development of a stable
and transparent market environment. This
research can have practical applications for
investors, traders, regulators, and other
participants in the bitcoin market seeking to gain
advantages in this rapidly changing economic
segment and ensure successful decision-making.
Understanding the impact of information and
communication processes on the Bitcoin market
can help investors make informed decisions
about buying, selling, or holding this
cryptocurrency.
Among the numerous publications on the
possibility of predicting the rate of various
cryptocurrencies (including bitcoin), an under-
researched area is the analysis of the mechanisms
of influence on the rates of digital currencies by
journalistic information products. Journalists can
influence the bitcoin rate by disseminating news,
analytics, and expert opinions that shape public
opinion and influence investor sentiment. They
can create sensationalized headlines or publish
negative information that can lead to panic and
the sale of Bitcoin. On the other hand, positive
and objective information, favorable analytics,
and expert opinions can support the demand for
Bitcoin and increase its price. Thus, the impact of
journalists on Bitcoin lies in their ability to shape
opinions and influence the perception of this
cryptocurrency by the general public (Olney,
2022; Patnaik & Biswal, 2023; Chabini, Sabiri,
Aaroud & Akodadi, 2022).
The work of modern journalists is shaped by the
latest concept - New Media: a set of new
interactive technologies based on digital
platforms that are changing the way media
content is produced, distributed, and consumed.
This includes online resources, websites, social
networks, blogs, podcasts, streaming platforms,
mobile applications, and other digital
communication channels. New Media provide
more opportunities for interaction, collaboration,
co-creation of content, and active participation of
users. They are changing the media landscape,
the way we communicate, consume information,
and interact with media in the modern digital
world (Lievrouw, 2023; Swart, 2023; Azzimonti
& Fernandes, 2023).
New Media has a significant impact on the
Bitcoin price due to its peculiarities. Social
networks, blogs, and forums have become
platforms where users discuss Bitcoin, exchange
information, and share their opinions. The
information and sentiments spread through these
channels can affect the demand and price of
Bitcoin. In addition, video streams, podcasts, and
other new media formats provide an opportunity
for experts and analysts to express their opinions
and forecasts regarding Bitcoin, which also
affects investors' perceptions and decisions.
Thus, new media influence the bitcoin rate
through the dissemination of information,
discussion, and influential opinions in the global
digital environment (Coulter, 2021; Pavlik,
2021; Naifar & Altamimi, 2023).
The purpose of the study is to establish a practical
mechanism for the impact of journalism
information products in the New Media concept
on the bitcoin exchange rate and market volume.
Theoretical Framework or Literature Review
Bitcoin is a cryptocurrency based on blockchain
technology that uses mathematical and
cryptographic principles to ensure security,
confidentiality, and decentralization.
Cryptocurrency is a form of electronic money
that uses cryptographic methods to ensure the
security and confidentiality of transactions, as
well as to control the creation of new currency
units and confirm transactions through a
distributed verification mechanism. Bitcoin is
distinguished by its decentralized nature, which
means that there is no central authority or
institution that controls its operation. Instead, the
Bitcoin network is built on the principle of a
distributed ledger (blockchain) that stores all
transactions and allows network participants to
confirm and sign transactions using
cryptographic methods. Bitcoin is also
characterized by a limited supply, a predefined
protocol that guarantees a set number of coins
that can be created, which contributes to its price
and properties as a digital asset. Defined in 2008
as part of a publication under the pseudonym
Satoshi Nakamoto, Bitcoin functions as a digital
asset that exists electronically and can be
transferred through network transactions
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between participants without the need for
intermediaries such as banks or centralized
institutions. Based on the principles of
cryptography, bitcoin provides reliable and
insurmountable security for transactions, and its
decentralized nature allows users to control their
financial assets without the involvement of third-
party authorized organizations (Liu, Fan & Qi,
2022; Lacity, 2022; Dylag & Smith, 2023) -
Figure 1.
In 2021, bitcoin (BTC) hit a new all-time high,
surpassing $65,000 in November. This growth
was driven by the introduction of Bitcoin ETFs
in the United States, as well as other events
related to Tesla and Coinbase that also affected
the price. For example, in March 2021, Tesla
announced a $1.5 billion acquisition of Bitcoin,
and the IPO (Initial Public Offering) of the
largest cryptocurrency exchange in the United
States also attracted significant interest.
However, by the end of 2022, the market
conditions had changed, with bitcoin prices
falling to around $27,639.73 as of May 11, 2023,
following the bankruptcy of another
cryptocurrency exchange, FTX (Statista, 2023) -
Figure 2.
Figure 1. The fundamental algorithm of blockchain technology functioning in the cryptocurrency market.
Source: (Reserve Bank of Australia, 2023)
Figure 2. Bitcoin (BTC) price per day from April 2013 - May 11, 2023
Source: (Statista, 2023)
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Compared to fiat currencies such as the US
dollar, bitcoin has a limited supply, which means
it cannot be infinitely printed. Around 89% of the
maximum supply of bitcoin was reached in April
2021, and it is expected that bitcoin reserves will
be exhausted by 2040. This is due to the fact that
the process of mining Bitcoin is becoming more
complex and requires more and more energy
every four years. As a result, bitcoin mining
transactions can consume a significant amount of
energy, comparable to the energy consumption of
a small country in 2021 (Statista, 2023).
Predicting cryptocurrency movements is difficult
due to the limited number of metrics and rumors
that a small number of cryptocurrency holders
control a significant share of the total supply.
These “whales” make up only two percent of all
anonymous accounts, but own about 92 percent
of bitcoins. Most users of cryptocurrency
services are retail clients, not institutional
investors. Therefore, predicting a decline or
increase in Bitcoin prices is difficult, as the
actions of one large “whale” already have a
significant impact on the market (Statista, 2023).
One of these “whales” is Elon Max, whose
influence on the cryptocurrency market is
undeniable (Ante, 2023; Huynh, 2022; Shahzad,
Anas, & Bouri, 2022; Zaman, Yaqub, & Saleem,
2022; Gupta et al., 2022).
Social networks and influencers are elements of
the complex phenomenon of New Media, which
completely modernizes the context of journalism
as an industry of information production. Social
networks have become a platform where users
can actively exchange information, express their
opinions and even create their own information
context. Influencers, in turn, have a significant
impact on the audience, shaping and influencing
their opinions, views, and consumption habits.
This leads to changes in the way information is
disseminated and perceived by the public.
Journalism, as a process of information
production, has to adapt to these new realities by
using social media to disseminate news,
communicate with the audience, and create
interaction with influencers. In addition,
journalists should be attentive to the impact of
social media on public opinion and use critical
thinking when analyzing information coming
from influencers and social media. In general, the
growing influence of social media and
influencers in the field of New Media is changing
the landscape of journalism and requires new
approaches and strategies for producing
information products (Benli, 2023; Ren & Zhao,
2023; Goyanes, Ardèvol-Abreu & Gil de Zúñiga,
2023).
New Media technologies have a significant
impact on the formation of public opinion due to
their accessibility, speed of information
dissemination, and the possibility of wide
audience engagement. Social networks, video
hosting, blogs, and other new media platforms
create an opportunity for every user to express
their opinions, share their experiences, and
influence the opinions of others. Thanks to the
widespread use of smartphones and access to the
Internet, information can be disseminated
instantly and reach a large audience. This affects
the formation of public opinion, as information
coming from different sources can influence
people's perceptions, attitudes, and behavior. The
growing influence of New Media technologies
places a responsibility on users, journalists, and
news organizations to be critical of information,
conduct factual analysis and promote media
literacy. This is important for ensuring a healthy
information environment and understanding the
real impact of New Media technologies on
society (Zhang, 2023; Mayes, 2023; Liu & Ning,
2023).
The impact of new media on the cryptocurrency
industry, including Bitcoin, is no exception.
Social networks, blogs, forums, and video
platforms are becoming platforms where users
discuss and share information about
cryptocurrencies. Influencers with a large
audience can influence people's opinions and
decisions about investing in Bitcoin. In addition,
new media facilitates the dissemination of news
and updates in the cryptocurrency field, allowing
for quick information about market trends,
regulatory changes, and other events that affect
bitcoin prices. However, it is important to be
cautious and critically evaluate information, as
there is a lot of misinformation and fraud in the
cryptocurrency field. Understanding the impact
of New Media on the cryptocurrency sphere is
important for investors and market participants to
make informed decisions and be aware of the
risks and prospects of this market (Bouteska,
Hajek, Abedin & Dong, 2023; Fiqri & Oetarjo,
2023; Gunay, Dzenopoljac & Bontis, 2022).
The role of journalism in shaping the information
impact on the cryptocurrency market in the
context of the New Media paradigm remains an
unexplored aspect. Journalists perform an
important function in disseminating news and
analyzing events in the field of cryptocurrencies
that affect market trends and prices. They play
the role of intermediaries between information
and the audience, providing context, analysis,
and expert opinions. However, in the world of
New Media, where everyone can become a
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disseminator of information, it is important to
study how journalism adapts to this new
paradigm and what mechanisms of influence it
uses to shape the information landscape of the
cryptocurrency market. Researching the role of
journalism in this context can reveal new aspects
and challenges faced by journalists, as well as
contribute to understanding how information
shapes the perceptions and decisions of
cryptocurrency market participants.
Methodology
To establish a logical correlation between the
information products of journalism (in the
context of New Media technology) and the trends
of the cryptocurrency market (in particular,
bitcoin), it is advisable to apply the following
methodological framework:
1. Content analysis: This method involves the
systematic analysis and measurement of
journalistic content parameters, such as
frequency, tone, emotional load, use of
keywords, and expert sources. This allows to
identify trends, patterns, and priorities in the
information impact of journalism on the
cryptocurrency market.
2. Case studies: This method is based on
conducting a detailed analysis of specific
cases or events related to journalism and
cryptocurrencies. This allows us to reveal
the details of the impact of journalism on the
formation of the information landscape of
the cryptocurrency market, analyze the
factors that influence decision-making by
market participants and reveal the
relationship between journalistic content and
market trends.
3. Content analysis of social networks: This
method involves analyzing the content
distributed on social media related to
cryptocurrencies. Posts, comments, videos,
and other materials related to journalistic
activities in this area are analyzed. This
allows us to assess the audience's perception
and reaction to journalistic content, as well
as to identify popular topics, discussions,
and trends affecting the cryptocurrency
market.
4. Analysis of the media ecosystem: This
method is based on the analysis of various
sources of news and information about
cryptocurrencies, including online
publications, blogs, forums, and other
resources. This approach allows to identify
the main topics, trends, and attitudes towards
cryptocurrencies in the journalistic
environment.
5. Content analysis of journalistic materials:
This method is based on the analysis of
journalistic materials related to
cryptocurrencies, including news articles,
commentaries, reports, etc. This analysis
allows to identify thematic trends, the level
of objectivity, the use of sources, and other
aspects of journalistic content that affect the
cryptocurrency market.
The use of this nomenclature of research methods
will allow us to establish new aspects of the
mechanisms of information influence of New
Media and the corresponding responses and
reactions of cryptocurrency markets and the role
of journalism in this process.
The general scheme of the study involves the use
of a multifocal analysis of the reflection of the
information impact of New Media on
cryptocurrency markets in journalistic products -
Figure 3.
Figure 3. General scheme of the study
Source: created by the author
Analysis of the current situation
on the cryptocurrency market
Information impact of New
Media
Analysis of information influence
reactions
Analysis of the reflection of the
information event (impact) and
reactions of the cryptocurrency
market in current journalistic
information products
Analysis of information and
communication processes
between journalism and elements
of the New Media paradigm
Conclusions on the role of
journalistic information products
in facilitating the decisions of
economic entities in the bitcoin
market
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The results of the study will allow to structure
dynamically layered information arrays on the
interaction of information products of
journalistic activity on the practical example of
the cryptocurrency market, which once again
emphasizes the significant responsibility of the
media in the context of shaping trends in the
general public perception.
Results and Discussion
New Media elements, such as social media,
blogs, video platforms, and other digital
communication channels, have a significant
impact on the cryptocurrency market. Here are
some aspects that demonstrate this influence
(Aïmeur, Amri & Brassard, 2023; Manzano et
al., 2023; Su, 2022):
1. Convenient access to information: Thanks to
New Media, information about
cryptocurrencies has become available to a
wide range of users. News, analytics,
discussions, and other content formats are
rapidly disseminated through social
networks and other channels, allowing
traders, investors, and other market
participants to receive and respond to up-to-
date information.
2. The impact of social interaction: Social
media creates a platform for interaction
between cryptocurrency market participants.
Traders and investors can discuss strategies,
share opinions and recommendations. This
stimulates the exchange of information and
opinions, which can influence the decisions
of market participants and the price
dynamics of cryptocurrencies.
3. Formation of public opinion: New Media
allows a wide range of people to express
their opinions on cryptocurrencies and
related events. Published opinions,
comments, and reviews influence the
formation of public opinion and the
perception of the cryptocurrency market.
The reputation and opinions of influencers in
New Media can have a significant impact on
market confidence and perception.
4. The role of influencers: Influencers in the
cryptocurrency industry have a significant
impact on the audience. They can promote
certain coins and projects, make investment
recommendations, and provide
cryptocurrency market analytics. Their
posts, videos, and other forms of content
have a large audience that follows their
advice and recommendations. Influencers
can influence the popularity, perception, and
price dynamics of cryptocurrencies through
their authority and influence on the
audience.
5. Viral marketing: New Media elements
contribute to the rapid spread of information
and content. Viral posts, memes, and other
viral elements can spread quickly among
users, causing widespread discussion and
interest in cryptocurrencies. This can have
an impact on increasing the popularity and
price of certain cryptocurrencies.
6. Fintech innovations: New Media contribute
to the development of fintech innovations in
the field of cryptocurrencies. Digital
platforms, blockchain technologies, and
other tools allow for fast and secure
transactions with cryptocurrencies. This
expands the opportunities for trading,
investing, and using cryptocurrencies, which
affects their popularity and market
dynamics.
7. Global access to the market: Thanks to the
New Media elements, investors and traders
from all over the world have the opportunity
to directly participate in cryptocurrency
trading. This expands the market base and
ensures a wide representation of different
countries, which can affect the liquidity and
value of cryptocurrencies.
8. Impact on regulatory processes: New Media
elements can influence the formation and
reform of regulatory processes related to
cryptocurrencies. Discussions, publications,
and public activity on social media can
stimulate changes in policy and legislation
that affect the conditions for trading and
using cryptocurrencies
9. Interaction with other financial markets:
New Media elements create a link between
the cryptocurrency market and other
financial markets. News, analytics, and
discussions on social media can influence
investment decisions not only in
cryptocurrencies, but also in other assets
such as stocks, bonds, and commodities.
10. Impact on innovation and technological
development: New Media elements
contribute to the creation of new innovations
and the development of technologies in the
field of cryptocurrencies. Dissemination of
ideas, exchange of experience, and
collaboration through social media and other
channels contribute to the development of
new projects, platforms, and solutions in the
cryptocurrency sphere. Information
influence through New Media can lead to
attracting investments in startups,
developing new cryptocurrency
technologies and platforms, and promoting
the implementation of blockchain solutions
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in various sectors of the economy. In
addition, information resources and
communication channels of New Media
influence the formation of public perception
of cryptocurrencies and determine their
legitimacy and acceptance in society. The
study of these aspects allows us to unlock the
potential of New Media in the field of
cryptocurrencies and understand the
relationship between information influence
and the dynamics of the cryptocurrency
market.
The illustration of these influences is best
visualized in the correlative analysis of the
influential impact of Elon Musk's social activity,
which has direct economic consequences for the
studied area of cryptocurrency markets. The
phenomenon of influencing in the
cryptocurrency sphere clearly demonstrates the
mechanisms of information influence of the
considered elements of New Media, which is a
reasonable object of research in a large number
of scientific works (Ante, 2023; Gupta et al,
2022; Huynh, 2022; Shahzad, Anas & Bouri,
2022; Zaman, Yaqub & Saleem, 2022; Serada,
2023; Mineau, Hoffman, Lor & Choudhury,
2023; Mariana, Ekaputra, Husodo & Tamara,
2023; Omar & Lasrado, 2023; Dam, 2023, etc. ),
but the mechanisms for covering the information
impact of the new generation of media on the
cryptocurrency industry in journalistic
information products are unexplored aspects.
Therefore, we will conduct a corresponding
study.
The Forbs article (Shevlin, 2021) focuses on
Elon Musk's influence on the price of bitcoin
through his Twitter activity. The main
conclusions from this article are that Elon Musk
has a significant impact on the price of bitcoin,
his tweets and statements can lead to rapid
changes in the price of the cryptocurrency. The
bitcoin market is highly reactive to Musk's
comments, which can create instability and
vulnerability in the market. The article also
points to the need to develop regulatory
mechanisms that would reduce the concentration
of power and the risks associated with the
influence of individuals on the cryptocurrency
market - Figure 4.
Figure 4. Coverage of Elon Musk's influence in Forbes magazine.
Source: Shevlin, 2021
The Reuters article (Randewich, 2021) focuses
on the discussion of Tesla's investment in Bitcoin
and its impact on the cryptocurrency market. The
main conclusions from this article are that Tesla's
investment in Bitcoin was one of the reasons for
the growth of the cryptocurrency's price and also
led to an increase in interest in it. However, such
an investment also creates risks and
vulnerabilities for Tesla, as fluctuations in the
price of Bitcoin could affect their financial
results. In addition, the article points out the
importance of considering potential risks and
regulation in the field of cryptocurrencies,
especially when large companies such as Tesla
enter this market - Figure 5.
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Figure 5. Coverage of Elon Musk's influence in Reuters.
Source: Randewich, 2021
An article by the Economic Times (The
Economic Times, 2021) examines Elon Musk's
influence on cryptocurrencies and its subsequent
consequences. The main conclusions of this
article are that Elon Musk has had a significant
impact on the price of cryptocurrencies, in
particular bitcoin, through his statements and
activity on social media. His tweets can cause
significant price fluctuations in the
cryptocurrency market, but also create instability
and uncertainty. The article also points to the
need for more regulation and control in this area,
as the influence of individuals on the market can
have negative consequences for investors and the
stability of the cryptocurrency market - Figure 6.
Figure 6. Coverage of Elon Musk's influence in the Economic Times.
Source: (The Economic Time, 2021)
The Bloomberg article (Servando, 2021)
provides an overview of the history of Elon
Musk's interest in cryptocurrencies. The main
conclusions from this article are that Elon Musk
has shown interest in cryptocurrencies year after
year, starting with his statements about Bitcoin in
2014. He has also been active in speaking out
about other cryptocurrencies such as Dogecoin.
While Musk has been causing mixed reactions in
the cryptocurrency market through his tweets and
statements, he is also helping to increase
awareness and acceptance of cryptocurrencies
among the masses. The article also notes that the
question of Musk's impact on the cryptocurrency
market remains open, and his influence may be
subject to further research and discussion -
Figure 7.
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Figure 7. Coverage of Elon Musk's influence in Bloomberg.
Source: Servando, 2021
Similar publications on the influential impact of
Elon Musk (as an element of New Media) on
cryptocurrency market trends can be observed in
specialized publications covering this particular
area of economic activity - Figure 8 - Figure 14.
Figure 8. Coverage of Elon Musk's influence in the Blockchain Research Lab publication.
Source: Ante, 2021
Figure 9. Coverage of Elon Musk's influential influence in CoinDesk.
Source: Oosterbaan, 2021
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Figure 10. Coverage of Elon Musk's influential influence in the Soinjournal.
Source: Khalique-Brown, 2021
Figure 11. Coverage of Elon Musk's influence in Moneycontrol magazine.
Source: Moneycontrol magazine, 2021
Figure 12. Coverage of Elon Musk's influence in Cointelegraph.
Source: Suberg, 2021
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Figure 13. Coverage of Elon Musk's influence in the R-bloggers publication.
Source: Dablander, 2021
Figure 14. Coverage of Elon Musk's influence in Medium.
Source: Vallej, 2021
Elon Musk's influence on the cryptocurrency
markets is difficult to generalize unambiguously,
as his interaction with cryptocurrencies often
leads to unpredictable price fluctuations. He is
able to create a strong impact on the market
through his statements and actions, in particular
through his tweets and public statements
regarding certain cryptocurrencies. His
comments have been known to lead to significant
price movements in the market, and his speeches
can create uncertainty and fluctuations in the
cryptocurrency markets. Musk's influence on the
cryptocurrency markets depends on the reactions
and interpretations of the investor community,
which can affect the overall trust and stability of
the cryptocurrency market.
The role of journalists in Elon Musk's influence
on the cryptocurrency markets is to monitor his
statements, actions, and opinions, as well as to
analyze and disseminate them to a wide
audience. Journalists play an important role in
conveying news and information about Elon
Musk and his influence on cryptocurrency
markets. They monitor his social media activity,
tweets, interviews, and press conferences, and
then analyze this information and provide it to
their readers and viewers. Journalists also help
investors understand Musk's impact on the
cryptocurrency market by analyzing his actions
and statements from the perspective of experts
and specialists. They can analyze in depth the
consequences of his influence on cryptocurrency
prices and market dynamics. Journalists have a
great responsibility in providing accurate and
objective information about Musk's influence on
cryptocurrency markets, which helps investors
make informed decisions and form informed
views on this topic.
In accordance with the above information, let's
form an analytical scheme of the functioning of
journalism in the general paradigm of the
information impact of New Media technology in
relation to certain information events and their
impact on the bitcoin market - Figure 15.
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Figure 15. Analytical scheme of journalism functioning in relation to the coverage of cryptocurrency
market trends.
Source: created by the author
According to the above analysis (Figure 15), it
has been established that journalism de facto acts
as an information and analytical buffer that
provides ordinary users of cryptocurrency
markets with not only direct statistical analysis of
information impacts and corresponding reactions
of digital funds but also provides relevant logical
and analytical conclusions that directly affect the
behavior of participants in digital asset markets.
It is this function of journalism in the latest New
Media concept that makes journalists responsible
for the information products they publish since
the consumption of the latter has direct economic
consequences.
Conclusions
The conclusions of this study have the following
analytical aspects:
− cryptocurrency market (in particular,
bitcoin) have a significant impact on both
the economies of individual countries and
the global economic sphere, as evidenced, in
particular, by the fact that a centralized
policy (and relevant organizational and
financial measures) on digital currencies is
being implemented in developed economies
such as China, the United States, Canada,
and others. This phenomenon can be
explained by the desire of these institutions
to integrate blockchain technology into the
financial and economic space, which has
proven to be a reliable decentralized system
with a high level of data protection;
− the development of digital technologies and
related network products has led to the
modernization of the context of information
production, creating the New Media
paradigm, the elements of which have a
direct impact on cryptocurrency market
trends, as vividly illustrated by the fact of
Elon Musk's influence. This phenomenon
can be explained by the desire of ordinary
users to join the trends created by recognized
expert opinions, which are considered to be
the founder of SpaceX and Tesla;
− the analysis of the cryptocurrency exchange,
which was influenced by the New Media,
was carried out not only by specialized
journalistic publications, but also by such
well-known ones as Forbes, Reuters,
Economic Times, and Bloomberg. This
phenomenon can be explained by the desire
of traditional journalistic publications to
adapt to the trends of modern information
and communication processes of the latest
New Media paradigm;
− based on the results of a review of
journalistic professional information
products on the example of Elon Musk's
influence on the digital currency sphere (in
particular, bitcoin), it was recorded that
journalists are now de facto acting as an
information and analytical buffer, which
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allows ordinary participants in
cryptocurrency markets to receive both
statistical information and analytical
conclusions on the likely trends in the
forecast industry.
The results of this study demonstrate the
mechanisms and role of journalistic information
products in shaping the tendency in
cryptocurrency markets, thereby indicating a
significant responsibility for the quality,
reliability, and integrity of the information
published, which leads to the need to involve
elements of information control, such as
blockchain, in the field of journalism and the
general concept of New Media, which will be the
next focus of further research in this area.
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