IDEAS home Printed from https://ideas.repec.org/h/spr/conchp/978-3-031-13146-2_12.html
   My bibliography  Save this book chapter

Multifractal and Cross-correlation Analysis of Cryptocurrencies for Direct Green Investments

In: Circular Economy and the Energy Market

Author

Listed:
  • Ivan Udalov

    (Financial University Under the Government of the Russian Federation)

  • Almakul Abdimomynova

    (Korkyt Ata Kyzylorda University)

  • Svetlana Moldagulova

    (Korkyt Ata Kyzylorda University)

Abstract

The article contains a comprehensive study of cryptocurrencies and digital currencies (crypto-yuan, bitcoin, ethereum, TRON, and Tether). Using the MF-X-DMA and DMCA methods, a statistical study of the 5-year dynamics of the closing prices in US dollars of the Chinese yuan and the above cryptocurrencies was carried out, which is part of the multifractal and cross-correlation analysis. The result of the study was to identify the relationship between the price dynamics of the Chinese yuan, ethereum, and TRON. The further analytical study and comparison of the characteristics of the objects, the study allowed us to conclude that the wider distribution of the digital version of the Chinese yuan in the international space may hypothetically affect the rate of TRON, Ethereum, and some other similar cryptocurrencies, the structure of which is based on their platforms. In addition, the results of the study suggest that the spread of the crypto-yuan will affect the platforms for international transfers in yuan, as well as affect the volume of settlements in the Chinese currency. The evolution of economic systems at the beginning of the twenty-first century led to the emergence of a new type of financial assets, which can be designated as digital “currency.” Since the appearance of the first cryptocurrency, called Bitcoin, a lot of scientific research has been carried out concerning the nature of this phenomenon in the economy, its dynamics in financial markets, as well as the impact on economic systems in general. Most of the cryptocurrencies are based on the principle of decentralized emission, and their proliferation forced central banks to develop a set of measures to regulate the market for these assets. Several governments have adopted more stringent measures, limiting or prohibiting their circulation and use. As the study of cryptocurrencies, as well as their distribution, the positions of financial regulators changed. Few central banks have softened the conditions for the circulation of cryptocurrencies to achieve their own goals in monetary policy, while others have announced their intention to create their own counterparts. List of initiators includes the People’s Bank of China and the Bank of England.

Suggested Citation

  • Ivan Udalov & Almakul Abdimomynova & Svetlana Moldagulova, 2022. "Multifractal and Cross-correlation Analysis of Cryptocurrencies for Direct Green Investments," Contributions to Economics, in: Hasan Dinçer & Serhat Yüksel (ed.), Circular Economy and the Energy Market, chapter 0, pages 147-158, Springer.
    • Handle: RePEc:spr:conchp:978-3-031-13146-2_12
    DOI: 10.1007/978-3-031-13146-2_12
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:conchp:978-3-031-13146-2_12. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.