The Role of Cryptocurrencies and Blockchain in the Evolving Financial Landscape: A Global Econometric Approach

Abstract

This study aims to examine the impact of cryptocurrencies and blockchain technology on the global financial landscape, with a particular focus on their interaction with macroeconomic indicators and traditional financial markets. The research uses a global econometric approach based on secondary data collected for the period 2013–2024. Variables such as Bitcoin (dependent), Ethereum, S&P 500, VIX, M2, inflation, interest rates, and the Crypto Volatility Index were analyzed using the GEE (Generalized Estimating Equations) model. Data analysis was conducted with STATA, while visualizations were created using Excel. The results indicate that several macroeconomic variables such as S&P 500, VIX, inflation, interest rates, and crypto volatility have a statistically significant impact on Bitcoin prices. In contrast, Ethereum and M2 did not show a significant effect in the model. The study confirms that cryptocurrencies are increasingly influenced by traditional economic dynamics, challenging the perception of complete independence from financial systems. These findings can support financial policymakers, investors, and institutions in understanding how cryptocurrencies behave in relation to global market movements. The study also offers insights for regulatory frameworks and the future development of Central Bank Digital Currencies (CBDCs). This research contributes to the existing literature by combining blockchain, cryptocurrencies, and macroeconomic analysis through a global econometric model, offering an updated and comprehensive view of their interconnected roles in financial markets.