CRYPTOCURRENCY MARKET TRANSFORMATION DURING PANDEMIC COVID-19
The pandemic and subsequent changes in various spheres of human activity have also transformed consumer behavior, particularly in the cryptocurrency market. The article is aimed at identifying the priority directions of transformations taking place in the cryptocurrency market in the conditions of...
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| Format: | Article |
| Language: | English |
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FINTECH Alliance LLC
2023-02-01
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| Series: | Фінансово-кредитна діяльність: проблеми теорії та практики |
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| Online Access: | https://fkd.net.ua/index.php/fkd/article/view/3949 |
| _version_ | 1797698176727121920 |
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| author | Svitlana Volosovych Antonina Sholoiko Liudmyla Shevchenko |
| author_facet | Svitlana Volosovych Antonina Sholoiko Liudmyla Shevchenko |
| author_sort | Svitlana Volosovych |
| collection | DOAJ |
| description |
The pandemic and subsequent changes in various spheres of human activity have also transformed consumer behavior, particularly in the cryptocurrency market. The article is aimed at identifying the priority directions of transformations taking place in the cryptocurrency market in the conditions of the Covid-19 pandemic under the influence of certain groups of factors. System and network approaches to understanding the cryptocurrency market have been identified. The cryptocurrency market is considered from a functional and institutional point of view. From a functional point of view, the cryptocurrency market is a set of economic relations in cyberspace regarding cryptocurrency mining, initial coin offering (ICO) and circulation of cryptocurrencies based on the laws of supply and demand. From an institutional point of view, the cryptocurrency market is a set of participants in the virtual currency schemes who carry out cryptocurrency transactions. The following signs of cryptocurrency market segmentation are justified such as those depending on the market capitalization of the cryptocurrency; on the nature of the crypto assets movement; on operations carried out on the market; on the region; on consumers of services. Factors which influence the functioning of the cryptocurrency market are systematized according to the following groups: macroeconomic, price, environmental, geographic, market, behavioral and technological. The influence of gold, oil prices, the daily number of Covid-19 cases and deaths from Covid-19, the MSCI ACWI global stock index, the iShares MSCI All Country Asia ex Japan ETF, the Wilshire 5000 Total Market Index on the Bitcoin exchange rate is revealed. The trends in the cryptocurrency market development in the post-war period are justified, namely the growth of investors’ interest in cryptocurrencies against the background of the initial coin offering collapse; growth of payments in cryptocurrencies; strengthening the regulatory landscape on a global and national scale; integration of the cryptocurrency market with traditional finance; attracting non-typical participants to the cryptocurrency business; expansion of participants in the infrastructure of the cryptocurrency market due to the rapid cryptocurrency market development, in particular, due to the production of equipment for its operation.
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| first_indexed | 2024-03-12T03:50:36Z |
| format | Article |
| id | doaj.art-7c6609b8223b4f1582fc3ae2323df5e5 |
| institution | Directory Open Access Journal |
| issn | 2306-4994 2310-8770 |
| language | English |
| last_indexed | 2024-03-12T03:50:36Z |
| publishDate | 2023-02-01 |
| publisher | FINTECH Alliance LLC |
| record_format | Article |
| series | Фінансово-кредитна діяльність: проблеми теорії та практики |
| spelling | doaj.art-7c6609b8223b4f1582fc3ae2323df5e52023-09-03T12:21:30ZengFINTECH Alliance LLCФінансово-кредитна діяльність: проблеми теорії та практики2306-49942310-87702023-02-0114810.55643/fcaptp.1.48.2023.3949CRYPTOCURRENCY MARKET TRANSFORMATION DURING PANDEMIC COVID-19Svitlana Volosovych0Antonina Sholoiko1Liudmyla Shevchenko2D.Sc. in Economics, Professor of the Department of Finance, State University of Trade and Economics, Kyiv, UkraineD.Sc. in Economics, Associate Professor of the Department of Insurance, Banking and Risk-management, Taras Shevchenko National University of Kyiv, Kyiv, UkraineCandidate of Philological Sciences, Associate Professor of the Department of Foreign Languages, Taras Shevchenko National University of Kyiv, Kyiv, Ukraine The pandemic and subsequent changes in various spheres of human activity have also transformed consumer behavior, particularly in the cryptocurrency market. The article is aimed at identifying the priority directions of transformations taking place in the cryptocurrency market in the conditions of the Covid-19 pandemic under the influence of certain groups of factors. System and network approaches to understanding the cryptocurrency market have been identified. The cryptocurrency market is considered from a functional and institutional point of view. From a functional point of view, the cryptocurrency market is a set of economic relations in cyberspace regarding cryptocurrency mining, initial coin offering (ICO) and circulation of cryptocurrencies based on the laws of supply and demand. From an institutional point of view, the cryptocurrency market is a set of participants in the virtual currency schemes who carry out cryptocurrency transactions. The following signs of cryptocurrency market segmentation are justified such as those depending on the market capitalization of the cryptocurrency; on the nature of the crypto assets movement; on operations carried out on the market; on the region; on consumers of services. Factors which influence the functioning of the cryptocurrency market are systematized according to the following groups: macroeconomic, price, environmental, geographic, market, behavioral and technological. The influence of gold, oil prices, the daily number of Covid-19 cases and deaths from Covid-19, the MSCI ACWI global stock index, the iShares MSCI All Country Asia ex Japan ETF, the Wilshire 5000 Total Market Index on the Bitcoin exchange rate is revealed. The trends in the cryptocurrency market development in the post-war period are justified, namely the growth of investors’ interest in cryptocurrencies against the background of the initial coin offering collapse; growth of payments in cryptocurrencies; strengthening the regulatory landscape on a global and national scale; integration of the cryptocurrency market with traditional finance; attracting non-typical participants to the cryptocurrency business; expansion of participants in the infrastructure of the cryptocurrency market due to the rapid cryptocurrency market development, in particular, due to the production of equipment for its operation. https://fkd.net.ua/index.php/fkd/article/view/3949cryptocurrencyBitcoinminingcrypto assetscryptocurrency business |
| spellingShingle | Svitlana Volosovych Antonina Sholoiko Liudmyla Shevchenko CRYPTOCURRENCY MARKET TRANSFORMATION DURING PANDEMIC COVID-19 Фінансово-кредитна діяльність: проблеми теорії та практики cryptocurrency Bitcoin mining crypto assets cryptocurrency business |
| title | CRYPTOCURRENCY MARKET TRANSFORMATION DURING PANDEMIC COVID-19 |
| title_full | CRYPTOCURRENCY MARKET TRANSFORMATION DURING PANDEMIC COVID-19 |
| title_fullStr | CRYPTOCURRENCY MARKET TRANSFORMATION DURING PANDEMIC COVID-19 |
| title_full_unstemmed | CRYPTOCURRENCY MARKET TRANSFORMATION DURING PANDEMIC COVID-19 |
| title_short | CRYPTOCURRENCY MARKET TRANSFORMATION DURING PANDEMIC COVID-19 |
| title_sort | cryptocurrency market transformation during pandemic covid 19 |
| topic | cryptocurrency Bitcoin mining crypto assets cryptocurrency business |
| url | https://fkd.net.ua/index.php/fkd/article/view/3949 |
| work_keys_str_mv | AT svitlanavolosovych cryptocurrencymarkettransformationduringpandemiccovid19 AT antoninasholoiko cryptocurrencymarkettransformationduringpandemiccovid19 AT liudmylashevchenko cryptocurrencymarkettransformationduringpandemiccovid19 |