ERF 27th Annual Conference

Survival of the Fittest: A Natural Experiment from Crypto Exchanges

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No.

ERF27_70

Publisher

ERF

Date

May, 2021

Topic

G3. Corporate Finance and Governance

O3. Technological Change, Research and Development, Intellectual Property Rights

E5. Monetary Policy, Central Banking, and the Supply of Money and Credit

C3. Multiple or Simultaneous Equation Models

G2. Financial Institutions and Services

Abstract
Author(s)

This article explores the applicability of universal cryptocurrency exchange by analyzing crypto exchanges of Binance, Latoken, Kucoin, and Qash, which also have their own cryptocurrencies in the crypto market. Results of the recursive Johansen cointegration test proved that even though all of the cryptocurrencies have cointegration among each other, Binance positively disassociated itself from others after it moved to Malta on 23 March 2018. Based on the daily prices of cryptocurrencies over the period from November 6, 2017, to November 10, 2019, taken from coin market cap, we conclude that Binance can be considered as a survival of the fittest among all of the crypto exchanges in this natural experiment.

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Survival of the Fittest: A Natural Experiment from Crypto Exchanges

Research Fellows

Ahmet Faruk Aysan

Associate Dean for Research, Hamad Bin Khalifa...

Authors

Asad ul Islam Khan

Assistant Professor, Economics Department, Ibn Haldun University

Authors

Ahmet Semih Tunalı

Economics student, Middle East Technical University

Survival of the Fittest: A Natural Experiment from Crypto Exchanges

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