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![The market capitalization of the global cryptocurrency market and top 5 cryptocurrencies during 2016-2022. (Source: built on the basis of [11])](profile/Antonina-Sholoiko/publication/368849460/figure/fig1/AS:11431281122864023@1677579533927/The-market-capitalization-of-the-global-cryptocurrency-market-and-top-5-cryptocurrencies.png)
The market capitalization of the global cryptocurrency market and top 5 cryptocurrencies during 2016-2022. (Source: built on the basis of [11])
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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 cryp-tocurrency market in the conditions of the Covid-19 pandemic under the influence of certa...
Contexts in source publication
Context 1
... 1 represents the systematization of the mentioned approaches with the authors' clarifications and additions to the existing criteria for the cryptocurrency market segmentation and its types. As can be seen from Figure 1, during July 2016 to June 2021, the global cryptocurrency market grew. This trend is especially clear during the Covid-19 pandemic. ...
Context 2
... the same time, it is expected that due to the application of blockchain technology and the growth of venture capital investments, the global cryptocurrency market will grow to USD 2.2 trillion (bln) dollars USA in 2026 (Research and markets, 2021). Figure 1 shows that during 2016-2022 the Bitcoin market was the leader in capitalization. The second position is confidently occupied by Ethereum. ...
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O dinheiro é indispensável para o ser humano e apresenta constantes evoluções. Com o avanço da tecnologia, diversos meios de pagamento surgiram e dentre eles é possível destacar as criptomoedas, um assunto recente que tem sido apresentado em diversos meios, sobretudo, como uma possibilidade de investimento. Nesse contexto, o presente trabalho tem c...
Citations
... Key factors contributing to this surge include the decentralized nature of cryptocurrencies and the innovative blockchain technology underpinning them (Chen et al., 2019). Moreover, the integration of cryptocurrencies with traditional finance has sparked increased interest among investors (Volosovych et al., 2023). ...
... This structure enables peer-to-peer transactions without the need for intermediaries like banks (Andolfatto & Martin, 2022). Additionally, rapid technological innovation within the cryptocurrency sphere attracts diverse participants, consequently expanding the market infrastructure (Volosovych et al., 2023). ...
Este estudio investiga los efectos del día de la semana en el mercado digital, con un enfoque en bitcoin y ethereum, abarcando desde el 1º de julio de 2020 hasta el 31 de diciembre de 2023, en el período posterior al COVID-19. Empleando pruebas paramétricas y no paramétricas junto con el modelo GARCH (1,1), se analizó la dinámica del mercado. Los hallazgos indican un efecto significativo del día de la semana en ethereum, caracterizado por notables variaciones de rendimiento entre diferentes días, mientras que itcoin no muestra anomalías de calendario discernibles, lo que sugiere una mayor eficiencia del mercado. La susceptibilidad de ethereum a estos efectos subraya las complejidades actuales del mercado. Las disparidades en las anomalías del calendario surgen de la evolución de la dinámica del mercado, las diferencias metodológicas y la naturaleza especulativa del comercio de criptomonedas. Además, el mercado descentralizado y global complica la identificación precisa de los efectos en todo el mercado. Este estudio proporciona evidencia empírica sobre los efectos del día de la semana en el mercado de criptomonedas, lo que facilita a los inversionistas refinar las estrategias comerciales y la gestión de riesgos. Se justifica realizar más investigaciones para explorar los mecanismos subyacentes y monitorear los desarrollos regulatorios y tecnológicos para obtener información de los inversionistas.
... These types of cryptocurrencies are unaffected by volatile investor sentiment or financial crises. Previously, a team of researchers (2023) emphasized that the development of the cryptocurrency market is influenced by such groups of factors as macroeconomic, price, environmental, geographic, market, behavioural, and technological [27]. At the same time, they proved that the Bitcoin exchange rate during the pandemic is dependent on the prices of gold, oil, the daily detected number of COVID-19 patients and deaths from COVID-19, the MSCI ACWI global stock index, iShares MSCI All Country Asia ex Japan ETF, Wilshire 5000 Total Market Index. ...
... 47.1% of respondents are men and 52.9% are women. The vast majority of 39.4% are respondents aged [18][19][20][21][22]18.3% are respondents aged [23][24][25][26][27][28]8.7% are respondents aged 29-33, 20.2% are respondents aged 34-40 and 13.3 % -respondents over 40 years old. The results of the survey were subjected to processing and statistical analysis, based on which the segments of the cryptocurrency market were identified that are attractive for users and potential users of cryptocurrencies in Ukraine for carrying out operations in war conditions. ...
... This work is a continuation of S. Volosovych, A. Sholoiko, and L. Shevchenko's (2023) [27] study of the cryptocurrency market in the context of the Covid-19 pandemic. It supplemented the previous study in terms of identifying the impact of threats of military action on the functioning of the cryptocurrency asset market. ...
The Russian-Ukrainian war transformed the needs of consumers of financial services, both in Ukraine and abroad. On the one hand, the civilian population and the Armed Forces of Ukraine needed immediate help from the international community. On the other hand, individual and institutional investors were concerned about threats to traditional financial investments. The purpose of the article is to identify the priority directions for the development of the cryptocurrency asset market against the background of the Russian-Ukrainian war. The article presents an analysis of the cryptocurrency asset market with an emphasis on its structural changes in the conditions of the Russian-Ukrainian war. In the study, a survey was conducted to find out the impact of the war on the Ukrainian cryptocurrency market. The analysis of the survey results substantiates the hypothesis about the impact of increased hacking attacks by pro-Russian forces and missile attacks on the functioning of the cryptocurrency market in Ukraine. It has been confirmed that investments and payments are promising segments of the cryptocur-rency market in Ukraine, in which, the most interested users and potential users of cryptocurrency are. Based on the received data, the weaknesses and strengths of the functioning of the cryptocurrency market in the conditions of war were identified. Threats and opportunities for the development of the cryptocurrency market against the background of Russian armed aggression are substantiated. The conducted research made it possible to formulate scenarios for the development of the cryptocurrency asset market in Ukraine in war conditions and the conditions for their implementation.
... Rapid price growth encourages cryptocurrency miners to participate in production. They become investors, which leads to an increase in the value of cryptocurrencies (Volosovych et al., 2023). ...
Las tecnologías económicas modernas se están transformando en las condiciones actuales de digitalización. Las criptodivisas operan en el mercado en determinadas condiciones e interactúan de cierta manera con los mercados financieros tradicionales. Dado que las criptodivisas son dinámicas en el mercado, se ofrecen perspectivas para el futuro uso de las nuevas divisas y posibles formas de interacción con los mercados financieros tradicionales. El objetivo principal del estudio es un análisis exhaustivo y las direcciones prospectivas de la interacción de las criptodivisas con los mercados financieros tradicionales. En el curso del modelo de la influencia de los indicadores económicos fundamentales y las tendencias del mercado de valores en la dinámica de los precios de las principales cryptocurrencies. Los resultados de la investigación permiten aclarar la naturaleza económica de las criptodivisas como instrumentos financieros específicos y mejorar los modelos existentes de gestión de inversiones teniendo en cuenta las propiedades estadísticas de los activos financieros virtuales. Basándose en el análisis de los nombres del mercado, se demuestra que las criptobolsas y criptodivisas mundiales se centran en las personas, la gestión, el ahorro y los servicios. Se ha estudiado el mercado internacional de criptodivisas y su estado general. Las conclusiones se reflejan en un estudio exhaustivo de cryptocurrencies y su rápido crecimiento como la principal innovación en la economía mundial y de Ucrania.
The concept of trust has been extensively explored by governments, researchers, and academic communities focusing on public authorities and the financial system, albeit in separate contexts. Trust plays a vital role in both sectors, influencing various aspects of governance, economic stability, and societal well-being. However, the relationship and interdependencies between trust in the government and trust in the financial system remain relatively unexplored. In addressing this gap, this study aims to improve the understanding of the role of trust in the socio-economic system and provide a framework for analysing the complex causal mechanisms between developments in the financial and public sectors using trust concepts. To achieve this, the study adopts the Fuzzy Cognitive Mapping (FCM) method in combination with the fuzzy Delphi method (FDM) as the methodological approach. The results highlight that even a small decline in trust can have severe repercussions on the stability of the financial system, deposit levels, exchange rate stability, and the prevalence of non-performing loans. Additionally, violations of trust in the financial sector also impact the development of the public sector, resulting in decreased trust in the government, fiscal stability, tax revenues, and government bond purchases. The study also demonstrated that when trust in both the financial sector and the government is eroded simultaneously, the complexities and the extent of negative consequences are amplified. These findings emphasize the interconnected nature of trust dynamics in both sectors and underscore the importance of a comprehensive approach to addressing trust-related challenges.
This chapter investigates how blockchain technology is revolutionizing the conventional stock market ecosystem. Blockchain is becoming a disruptive force in many industries, and the financial sector specifically. The stock market has been one area where it has attracted a lot of attention. This study investigates the possible advantages, difficulties, and effects of incorporating blockchain technology into the architecture of the stock market. The chapter starts by giving a comprehensive introduction to blockchain technology, highlighting its safe and decentralized characteristics.
Despite many revolutionary asset pricing models developed over the past decades, traditional finance does not explain investor behavior very well. The purpose of this study is to examine the influence of behavioral biases on the investment decisions of investors of Pakistan Stock Exchange. In addition, the moderating influence of investment experience investigated in this study. The findings were reported using a sample of 230 individual investors, who make their own investments, typically through a mutual fund, bank, or internet broker. They make investments to achieve their unique investment objectives, such as saving for retirement, a child's education, or increasing their overall wealth. The influence of behavioral biases on investment decisions was calculated using regression analysis. Regression results show that beta and t-values are significant and have a significant impact on investment decisions. Regression findings show that Confirmation Bias, Gamblers Fallacy Bias, Negativity Bias, Bandwagon Effect Bias, Loss Aversion Bias, and Overconfidence Bias all have a substantial impact on Investment Decisions. Status quo prejudice and endowment bias have a favorable but minor influence on Investment Decisions. Investment Experience is regarded as an essential component that contributes to successful decision making under risk and uncertainty, however the results of this study show that moderating variables have a minor influence. According to the findings, the moderating variable had no effect on the connection between behavioral biases and investment decisions. And the reason for this is that behavioral biases persist regardless of investing experience.
Crisis phenomena, such as economic downturns, health emergencies and geopolitical conflicts, had a significant impact on the transparency of information support for public financial management processes and the development of digitalization of the economy.The objective of the study is to assess the current state of information support and transparency of the management of fiscal risks caused by state-owned enterprises' activities under uncertainty.Within the study, the existing international approaches to identifying and assessing fiscal risks are analyzed; the areas for improving information support for managing fiscal risks caused by the activities of state-owned enterprises in emergency situations are identified; the impact of digital finance development on mitigating fiscal risks caused by emergencies is assessed. Proposals to increase the transparency of public finances and create additional revenues to the state budget by the development of innovative technologies are substantiated.Implementation of fiscal and monetary policy measures to mitigate the impact of COVID-19 and ensure sustainable post-pandemic recovery requires relevant financial information reflecting the country's financial position. A reliable source of such information is public financial and budgetary statements prepared by IPSAS and on an accrual basis. Given the negative impact of uncertainty caused by the coronavirus pandemic and war on the activities of state-owned enterprises, an important tool for improving the efficiency of fiscal risk management is the unification of approaches to establishing indicators for assessing relevant risks and providing information for their calculation. In response to lockdowns and social distancing measures during crises, citizens have increasingly relied on digital channels to access government services, pay taxes, and receive financial support. This has necessitated improved digital infrastructure and service delivery mechanisms.
