Studying the relationship between cryptocurrency markets and traditional financial markets: common dependence and possible interaction effects

Authors

  • Mariia Pshenychna PhD in Economics, Associate Professor of the Department of Finance and Accounting, Institute of Economics and Management, Open International University of Human Development "Ukraine", Kyiv, Ukraine https://orcid.org/0000-0002-5373-1726
  • Maryna Shevchenko PhD in Economics, Associate Professor of the Department of Accounting and Finance, National Technical University "Kharkiv Polytechnic Institute", Kharkiv, Ukraine https://orcid.org/0000-0003-2165-9907
  • Tetiana Nazarova PhD in Economics, Associate Professor of the Department of Accounting and Finance, National Technical University "Kharkiv Polytechnic Institute", Kharkiv, Ukraine https://orcid.org/0000-0001-5734-876X
  • Nataliia Ovander PhD in Economics, Associate Professor, Department of Finance and Digital Economics, Faculty of Business and Services, Zhytomyr Polytechnic State University, Zhytomyr, Ukraine https://orcid.org/0000-0002-4917-8876
  • Oksana Okhrimenko Doctor of Economics, Professor of International Economics Department, National Technical University of Ukraine “Igor Sikorsky Kyiv Polytechnic Institute”, Kyiv, Ukraine https://orcid.org/0000-0001-7361-3340

DOI:

https://doi.org/10.5377/reice.v11i22.17346

Keywords:

economic indicators, virtual assets, statistical relationship, financial market, investment asset, world economy, cryptocurrencies, economic technologies, digital development, digitization

Abstract

Modern economic technologies are being transformed in modern conditions of digitalization. Cryptocurrencies operate on the market under certain conditions and interact in a certain way with traditional financial markets. Given that cryptocurrencies are dynamic in the market, prospects for further use of new currencies and possible ways of interaction with traditional financial markets are offered. The main aim of the study is a comprehensive analysis and prospective directions of interaction of cryptocurrencies with traditional financial markets. In the course of the model of the influence of fundamental economic indicators and stock market trends on the price dynamics of the main cryptocurrencies. The results of the research make it possible to clarify the economic nature of cryptocurrencies as specific financial instruments and to improve existing investment management models taking into account the statistical properties of virtual financial assets. Based on analysis of market names, it is shown that global crypto exchanges and cryptocurrencies are focused on people, management, savings and services. The international market of cryptocurrencies, its general condition, was studied. The conclusions are reflected in a comprehensive study of cryptocurrencies and their rapid growth as the main innovation in the global and Ukrainian economy.

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Published

2023-12-13

How to Cite

Pshenychna , M. ., Shevchenko, M., Nazarova , T., Ovander , N., & Okhrimenko, O. . (2023). Studying the relationship between cryptocurrency markets and traditional financial markets: common dependence and possible interaction effects. Revista Electrónica De Investigación En Ciencias Económicas, 11(22), 112–134. https://doi.org/10.5377/reice.v11i22.17346

Issue

Vol. 11 No. 22 (2023): julio - diciembre

Section

Research Articles

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