How social network sentiments and activities impact cryptocurrencies' trading volume and volatility?

This paper studies how the trading volume and volatility of Bitcoin and Ether are impacted by social media such as Twitter and GitHub. Bitcoin and Ether are the two largest cryptocurrencies in terms of market capitalization, and represent over 70\% of the total cryptocurrency market in combined value. Twitter and GitHub are two of the most important social network platforms. By utilizing linear regression models on tweets and GitHub activities, I find that tweet sentiments and GitHub activities are important predictors of cryptocurrency's trading volume and volatility. Specifically, as the total number of tweets increase, the cryptocurrency's trading volume and volatility tend to rise. The sentiment in the tweets is also found to be correlated with trading volume and volatility. The positive tweets increase is associated with decrease in the cryptocurrency's trading volume, while the increase in negative tweets leads to larger trading volume in cryptocurrency. When GitHub activities increase, the trading volume and volatility in cryptocurrency decreases. Theses findings suggest that trading volume and volatility in cryptocurrencies have associations with social media platforms.