Dynamics of Bitcoin trading on the Binance cryptocurrency exchange

Economic Annals-ХХI: Volume 187, Issue 1-2, Pages: 177-188

Citation information:
Patashkova, Ye., Niyazbekova, Sh., Kerimkhulle, S., Serikova, M., & Troyanskaya, M. (2021). Dynamics of Bitcoin trading on the Binance cryptocurrency exchange. Economic Annals-XXI, 187(1-2), 177-188. doi: https://doi.org/10.21003/ea.V187-17


Yelena Patashkova
PhD Student (Finance),
Senior Lecturer,
Department of Finance,
Turan University
16а Satpayev Str., Almaty, 050013, Republic of Kazakhstan
patashkova84@gmail.com
ORCID ID: https://orcid.org/0000-0002-1587-2050

Shakizada Niyazbekova
PhD (Finance),
Associate Professor,
Department of Banking and Financial Markets,
Financial University under the Government of the Russian Federation
86 Leningradsky Blvd., Moscow, 125993, Russian Federation
shakizada.niyazbekova@gmail.com
ORCID ID: https://orcid.org/0000-0002-3433-9841

Seyit Kerimkhulle
D.Sc. (Economics),
PhD (Physics and Mathematics),
Professor,
Department of Information Systems,
Laboratory for Econometric Studies,
L. N. Gumilyov Eurasian National University
2 Satpayev Str., Nur-Sultan, 010000, Republic of Kazakhstan
kerimkhulle@gmail.com
ORCID ID: https://orcid.org/0000-0002-5886-6064

Madina Serikova
PhD (State Audit),
Department of State Audit,
L. N. Gumilyov Eurasian National University
2 Satpayev Str., Nur-Sultan, 010000, Republic of Kazakhstan
madina2281@mail.ru
ORCID ID: http://orcid.org/0000-0002-9832-8885

Marija Troyanskaya
D.Sc. (Economics),
Associate Professor of the Department of State and Municipal Management,
Orenburg State University
13 Victory Ave., Orenburg, 460018, Russian Federation
m_troyanskaya@mail.ru
ORCID ID: https://orcid.org/0000-0003-4545-3786

Dynamics of Bitcoin trading on the Binance cryptocurrency exchange

Abstract. Currently, there are a great number of platform-projects and frameworks based on blockchain technology. Consequently, it is necessary to define the most relevant blockchain platforms and analyze them taking into consideration a variety of features. Also, there is a need to investigate the logistics growth and the price of Bitcoin on the Binance cryptocurrency exchange.

The authors have examined modern technologies used by manufacturing companies in the field of fintech in the context of the 2019-2024 period. The results show that sensors and automatic identification take the leading position both at present and in 2024. Aartificial intelligence and blockchain are also in demand by manufacturers today, however in the nearest future their ranking positions will increase sixfold from 10% to 60%. In the current paper the authors review the largest companies that effectively use blockchain technology in their businesses. The conducted survey shows that 18% of companies use blockchain technology based on Bitcoin. The authors have analysed a number of Bitcoin transactions for the period from January 2017 to February 2021 and concluded that the COVID-19 pandemic has had a favourable effect on the indicator data. A maximum number of transactions equal to 10.15 million was carried out in July 2020.

Using the method of the Ordinary Least Squares (OLS) and statistical estimation methods the authors have revealed an underestimation of the equilibrium state of the empirical distribution of price data and the volume of daily trading of Bitcoin on the Binance cryptocurrency exchange through the channel of the right-hand confidence interval.

The blockchain technology based on Bitcoin has positively reacted to the macroeconomic factors such as the COVID-19 pandemics and further growth in Bitcoin transactions is expected. With the help of economic modelling, the authors have defined the predictable volume and the price of Bitcoin on the Binance cryptocurrency exchange.

Keywords: Bitcoin; Cryptocurrency; Fintech; Blockchain Technology; Financial Market

JEL Classification: С58; D53; M41; M49

Acknowledgements and Funding: The authors received no direct funding for this research.

Contribution: The authors contributed equally to this work.

Data Availability Statement: The authors confirm that the data supporting the conclusions of this study are available in the article.

DOI: https://doi.org/10.21003/ea.V187-17

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Received 8.12.2020
Received in revised form 28.12.2020
Accepted 12.01.2021
Available online 28.02.2021