CRYPTOCURRENCY MARKET IN UKRAINE: CURRENT STATE AND DEVELOPMENT PROSPECTS IN THE CONTEXT OF INTERNATIONAL MONETARY AND CREDIT RELATIONS
Abstract
Honak I.M., Buchynska T.V. CRYPTOCURRENCY MARKET IN UKRAINE: CURRENT STATE AND DEVELOPMENT PROSPECTS IN THE CONTEXT OF INTERNATIONAL MONETARY AND CREDIT RELATIONS
Purpose. The aim of the article to work out the theoretical and practical aspects of the functioning and development prospects of the cryptocurrency market in Ukraine in the context of international monetary and credit relations..
Methodology of research. The theoretical and methodological basis of the research is the fundamental provisions of modern economic theory, scientific works of scientists. General scientific and special methods were used in the research process, in particular: dialectical, monographic and systemic analysis – to substantiate the essence of the cryptocurrency market; analysis and synthesis – for studying the object and subject of research; comparative analysis – to compare economic indicators in time and space; graphic – with a visual representation of the dynamics and structural changes of the cryptocurrency market; constructive and experimental – to form a decision with the help of analytical support; abstract and logical – during the formation of theoretical generalizations, assumptions, conclusions.
Findings. The peculiarities of the development of the cryptocurrency market in Ukraine as a component of the financial market are considered. Ukraine's place in the Global Cryptocurrency Adoption Index has been studied and analysed.
Originality. It has been proven that there is correlation dependence between the prices of Bitcoin and Ether cryptocurrency coins on the Ukrainian cryptocurrency market, and there is no multicollinearity between Ether and Litecoin coins. It was found that the correlation between cryptocurrency mining and their price is average. Prospective directions for the development of the cryptocurrency market in Ukraine are offered.
Practical value. The main results of the conducted research will create favourable conditions for a better understanding of cryptocurrency as a new type of money, which will make it possible to use it more widely in the economic activities of economic entities and countries.
Key words: financial market, cryptocurrency market, cryptocurrency, crypto coin, cryptocurrency coin, Bitcoin address, Bitcoin, Ether, Litecoin.Keywords
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DOI: https://doi.org/10.37332/2309-1533.2022.2-3.13
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