CRYPTOCURRENCIES IN THE MODERN GLOBAL ECONOMY: MACRO- AND MICROECONOMIC ANALYSIS

Abstract

This study provides a comprehensive analysis of the role of cryptocurrencies in the modern global economy through the lens of macro and microeconomic processes. The research substantiates the relevance of studying the cryptocurrency market with a capitalization exceeding $3.2 trillion and the dominance of stablecoins in international payments, which reached an annual volume of $27.6 trillion. Among stablecoins, Tether (USDT) occupies a dominant position, with its exchange rate pegged to the US dollar, ensuring transaction stability and low volatility. The macroeconomic impact of cryptocurrencies on financial markets has been analyzed, specifically demonstrating that cryptocurrency fluctuations explain 18% of stock price variations and 27% of volatility in commodity markets. These indicators confirm the formation of stable interdependencies between cryptocurrency and traditional financial assets. The most significant impact was identified on long-term inflationary processes, as cryptocurrency assets cause an 18% forecast error in the overall price level. The study examines institutional adoption through the holdings of crypto assets by 228 public companies and the approval of Bitcoin ETF products by regulatory authorities. The research reveals the phenomenon of Ukraine as a global leader in cryptocurrency usage intensity per capita according to the Chainalysis Global Crypto Adoption Index, highlighting the reception of $212 million in cryptocurrency donations during the war and the formation of a state reserve valued at $5.6 billion. The transformation of cryptocurrencies from speculative instruments to legitimate financial tools has been identified, presenting new challenges for central bank monetary policy. The study employs quantitative analysis of market data from CoinMarketCap, Chainalysis indices, and econometric research published in MDPI journals. The findings demonstrate the irreversible integration of cryptocurrencies into the global financial system, with stablecoins surpassing the combined transaction volumes of Visa and Mastercard payment systems. Ukraine represents a unique case of mass cryptocurrency adoption driven by economic instability, high digital literacy, and wartime catalysts. The research contributes to understanding cryptocurrency transmission mechanisms to traditional markets and provides policy implications for regulators and central banks facing unprecedented monetary challenges in the digital asset era. The study concludes that under transparent regulatory frameworks, cryptocurrencies can serve as anti-crisis instruments, innovation drivers, and mechanisms for financial inclusion, investment attraction, and post-war economic recovery.