Survival of The Fittest: A Natural Experiment from Crypto Exchanges

Ahmet Aysan, Asad Islam Khan (), Humeyra Topuz () and Ahmet Tunali ()
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Asad Islam Khan: Ibn Haldun University
Humeyra Topuz: Istanbul Sehir University
Ahmet Tunali: Middle East Technical University

No 1539, Working Papers from Economic Research Forum

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 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 coinmarketcap, we conclude that Binance can be considered as a survival of the fittest among all of the crypto exchanges in this natural experiment.

Pages: 26
Date: 2022-02-20, Revised 2022-02-20
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Published by The Economic Research Forum (ERF)

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