cryptocurrency prices are in a “bubble” Phillips, Shi and Yu (2015) (PSY) bubble timestamping algorithm based on a series of augmented Dickey and Fuller (1979) (ADF) unit root test on a time series. Step 2

of stationarity Maddala - Wu Test forunbalanced panel reveals that the sample data is stationarity as the H0 is rejected with the p-value from Chi-square of Dickey- Fuller test is less than 0.01

examine whether each variable is stationary. The Augmented Dickey-Fuller (ADF) test is used in this study because it is able to test unit roots of the unbalanced panel data. As shown in Table 2, the inverse

stationarity as the H0 is rejected with the p-value from Chi-square of Dickey-Fuller test is less than 0.01. 2. Multicollinearity test as shown on Table 8.2 shows that there are no any simple correlation