Survival of the fittest: A natural experiment from crypto exchanges

Ahmet Faruk Aysan; Asad Ul Islam Khan; Humeyra Topuz; Ahmet Semih Tunali

doi:10.1142/S0217590821470020

Survival of the fittest: A natural experiment from crypto exchanges

Ahmet Faruk Aysan^*, Asad Ul Islam Khan, Humeyra Topuz, Ahmet Semih Tunali

^*Corresponding author for this work

Islamic Studies – Administration

Research output: Contribution to journal › Article › peer-review

18 Citations (Scopus)

Abstract

This paper 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 the others after it moved to Malta on 23 March 2018. Based on the daily prices of cryptocurrencies over the period from 6 November 2017 to 10 November 2019, taken from coinmarketcap, we conclude that Binance can be considered as a survival of the fittest among all of the crypto exchanges in this natural experiment.

Original language	English
Number of pages	20
Journal	Singapore Economic Review
DOIs	https://doi.org/10.1142/S0217590821470020
Publication status	Accepted/In press - 20 Mar 2021

Keywords

Binance
Stock market universality
cryptocurrency exchanges
distributed ledger

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10.1142/S0217590821470020

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title = "Survival of the fittest: A natural experiment from crypto exchanges",

abstract = "This paper 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 the others after it moved to Malta on 23 March 2018. Based on the daily prices of cryptocurrencies over the period from 6 November 2017 to 10 November 2019, taken from coinmarketcap, we conclude that Binance can be considered as a survival of the fittest among all of the crypto exchanges in this natural experiment.",

keywords = "Binance, Stock market universality, cryptocurrency exchanges, distributed ledger",

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AU - Topuz, Humeyra

AU - Tunali, Ahmet Semih

PY - 2021/3/20

Y1 - 2021/3/20

N2 - This paper 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 the others after it moved to Malta on 23 March 2018. Based on the daily prices of cryptocurrencies over the period from 6 November 2017 to 10 November 2019, taken from coinmarketcap, we conclude that Binance can be considered as a survival of the fittest among all of the crypto exchanges in this natural experiment.

AB - This paper 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 the others after it moved to Malta on 23 March 2018. Based on the daily prices of cryptocurrencies over the period from 6 November 2017 to 10 November 2019, taken from coinmarketcap, we conclude that Binance can be considered as a survival of the fittest among all of the crypto exchanges in this natural experiment.

KW - Binance

KW - Stock market universality

KW - cryptocurrency exchanges

KW - distributed ledger

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JF - Singapore Economic Review

ER -

Survival of the fittest: A natural experiment from crypto exchanges

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Keywords

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