Finansal Sistemin Sismik Sarsıntıları: Geleneksel Piyasalar ve Kripto Paraların/Varlıkların Entegrasyonu Üzerine Bir Analiz

Yıl 2024, , 397 - 437, 31.12.2024

Birkan Anıl Yılmaz , İbrahim Dursun

https://doi.org/10.31679/adamakademi.1557411

Öz

Blok zincir teknolojisinin potansiyeliyle birlikte finansal sistem büyük bir dönüşüm içerisine girmiştir. Fakat bu dönüşüm finansal sistemlerin geleceği açısından olumlu görünmesine rağmen erken aşamada negatif tarafları da bulunmaktadır. Dolayısıyla bu çalışmanın amacı blok zincir özelinde kripto varlıkların, geleneksel piyasalar ile entegrasyonu sonucu oluşabilecek potansiyel riskleri ortaya koymaktır. Bu bağlamda, blok zincir teknolojisi ve yerleşik ve/veya geleneksel finansal sistemin dönüşümünde oluşan merkeziyetsizliğin finansal sistemlerdeki sorunların çözümü mü yoksa yeni finansal risklerin nedeni mi sorusu veriler ile açıklanmıştır. Yöntemsel olarak blok zincirin finansal bağlantısı, kripto para ve bankacılık sistemine odaklanılarak örnek olay incelemesi yapılmıştır. DXY, Bitcoin, Ethereum, Nasdaq, S&P 500 ve USDC/USDT üzerine çoklu regresyon analizi ve panel veri analizi metodları ile istatistik R programı kullanılarak bir modelleme yapılmıştır. Modelleme ile ortaya çıkarılan sonuç, genel ve on-chain veri analizleriyle bütünleştirilerek finansal risklere odaklanılmıştır.

Anahtar Kelimeler

Blok Zincir, Kripto Para, Finansal Risk

Seismic Shocks to the Financial System: An Analysis of the Integration of Traditional Markets and Cryptocurrencies/Assets

Öz

With the potential of blockchain technology, the financial system has entered a major transformation. While this shift appears promising for the future of financial systems, it also presents certain drawbacks in its early stages. Therefore, the purpose of this study is to reveal the potential risks that may arise as a result of the integration of crypto assets with traditional markets, specifically in blockchain. In this context, the question of whether blockchain technology and the decentralization that occurs in the transformation of the established and/or traditional financial system is the solution to problems in financial systems or the cause of new financial risks is explained with data. Methodologically, a case study was conducted by focusing on the financial connection of blockchain, cryptocurrencies and the banking system. A modeling study was conducted using multiple regression analysis and panel data analysis methods on DXY, Bitcoin, Ethereum, Nasdaq, S&P 500, and USDC/USDT, utilizing the statistical software R. The results obtained through modeling were integrated with general and on-chain data analyses, focusing on financial risks.

Anahtar Kelimeler

Blockchain, Cryptocurrency, Financial Risk

Kaynakça

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