Impact of the global economic crisis on the cryptocurrency market

Abstract

The topic under study is relevant, as the cryptocurrency market in recent years has been characterized by a high level of demand at the level of the global economy. It should be noted that the most common cryptocurrency Bitcoin was developed in 2009, and the cryptocurrency market arose only in the early 2010 s. (after the global financial and economic crisis of 2008-2009), which shows that there is no historical retrospective of the impact of the global economic crisis on the cryptocurrency market. At the same time, since the first quarter of 2020, the world economy as a whole is in recession (a reduction in the global volume of real GDP), which has caused the global economic crisis. Research of the dynamics of the exchange rate value of Bitcoin as the main cryptocurrency in 2020, as well as the dependence of demand in the cryptocurrency market from the stage of the economic cycle and other macroeconomic factors is the purpose of these theses.