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Article

A Complete VADER-Based Sentiment Analysis of Bitcoin (BTC) Tweets during the Era of COVID-19

Electrical, Computer, and Biomedical Engineering, Ryerson University, Toronto, ON M5B 2K3, Canada
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Big Data Cogn. Comput. 2020, 4(4), 33; https://doi.org/10.3390/bdcc4040033
Received: 2 October 2020 / Revised: 27 October 2020 / Accepted: 30 October 2020 / Published: 9 November 2020
(This article belongs to the Special Issue Knowledge Modelling and Learning through Cognitive Networks)
During the COVID-19 pandemic, many research studies have been conducted to examine the impact of the outbreak on the financial sector, especially on cryptocurrencies. Social media, such as Twitter, plays a significant role as a meaningful indicator in forecasting the Bitcoin (BTC) prices. However, there is a research gap in determining the optimal preprocessing strategy in BTC tweets to develop an accurate machine learning prediction model for bitcoin prices. This paper develops different text preprocessing strategies for correlating the sentiment scores of Twitter text with Bitcoin prices during the COVID-19 pandemic. We explore the effect of different preprocessing functions, features, and time lengths of data on the correlation results. Out of 13 strategies, we discover that splitting sentences, removing Twitter-specific tags, or their combination generally improve the correlation of sentiment scores and volume polarity scores with Bitcoin prices. The prices only correlate well with sentiment scores over shorter timespans. Selecting the optimum preprocessing strategy would prompt machine learning prediction models to achieve better accuracy as compared to the actual prices. View Full-Text
Keywords: sentiment analysis; Twitter; COVID-19; VADER scoring; correlation sentiment analysis; Twitter; COVID-19; VADER scoring; correlation
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MDPI and ACS Style

Pano, T.; Kashef, R. A Complete VADER-Based Sentiment Analysis of Bitcoin (BTC) Tweets during the Era of COVID-19. Big Data Cogn. Comput. 2020, 4, 33. https://doi.org/10.3390/bdcc4040033

AMA Style

Pano T, Kashef R. A Complete VADER-Based Sentiment Analysis of Bitcoin (BTC) Tweets during the Era of COVID-19. Big Data and Cognitive Computing. 2020; 4(4):33. https://doi.org/10.3390/bdcc4040033

Chicago/Turabian Style

Pano, Toni, and Rasha Kashef. 2020. "A Complete VADER-Based Sentiment Analysis of Bitcoin (BTC) Tweets during the Era of COVID-19" Big Data and Cognitive Computing 4, no. 4: 33. https://doi.org/10.3390/bdcc4040033

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