Resilience and Transformation: Analyzing the Success of Crypto Exchanges Post-Pandemic and Global Conflict Using the DeLone & McLean Model

Mohamad Nasoha

doi:10.32535/ijafap.v9i1.4622

Resilience and Transformation: Analyzing the Success of Crypto Exchanges Post-Pandemic and Global Conflict Using the DeLone & McLean Model

Mohamad Nasoha

Abstract

The purpose of this research is to analyze the success of digital currency using DeLone and McLean Model, which include some factors such as system quality, information quality, service quality, user satisfaction, and intention to continue using platform. This research focus on crypto exchanges, such as Binance, Coinbase Exchange, and Kraken and the impact of Covid Pandemic on crypto markets. The data was taken from CoinMarketCap during 2018 to 2024, and focus on the ten largest digital currencies based on market capitalization. The result shows that market capitalization and trading volume of crypto currencies increased significantly during 2018 to 2024. Although there was decrease in 2022 because of global economy instability which was triggered by Rusia - Ukraine war. BTC and ETH were still dominating market, while the new coins such SOL and AVAX showed rapid growth. The factors such as system quality, information quality, and service quality really influenced on user satisfaction and also the intention to continue using crypto exchanges platform. Beside increasing volatility of crypto markets, Covid Pandemy caused acceleration of digital asset adaption. Tis research concluded that crypto markets has significant resilience on global economy turmoil with the strong recovery in 2023 to 2024.

Keywords

Digital currency, crypto exchanges, DeLone and McLean Model, market capitalization, trading volume

Full Text:

PDF

References

Catalini, C., & Gans, J. S. (2016). Some Simple Economics of the Blockchain. MIT Sloan Research Paper No. 5191-16. https://doi.org/10.2139/ssrn.2874598

CoinGecko. (2024). Cryptocurrency market trends and adoption . Retrieved from https://www.coingecko.com

CoinMarketCap. (2024). Historical data for cryptocurrencies . Retrieved from https://coinmarketcap.com

Conlon, T., & McGee, R. (2020). Safe haven or risky hazard? Bitcoin during the COVID-19 bear market. Finance Research Letters, 35, 101607. https://doi.org/10.1016/j.frl.2020.101607

Corbet, S., Larkin, C., & Lucey, B. (2020). The contagion effects of the COVID-19 pandemic: Evidence from gold and cryptocurrencies. Finance Research Letters, 35, 101554. https://doi.org/10.1016/j.frl.2020.101554

DeLone, W. H., & McLean, E. R. (1992). Information systems success: The quest for the dependent variable. Information Systems Research, 3(1), 60-95. https://doi.org/10.1287/isre.3.1.60

Goodell, J. W., & Goutte, S. (2021). Co-movement of COVID-19 and Bitcoin: Evidence from wavelet coherence analysis. Finance Research Letters, 38, 101625. https://doi.org/10.1016/j.frl.2020.101625

Hartwick, J., & Barki, H. (1994). Explaining the role of user participation in information system use. Management Science, 40(4), 440-465. https://doi.org/10.1287/mnsc.40.4.440

Jogiyanto, HM (2007). Information technology systems: Concepts and applications. Yogyakarta: Andi Offset.

Kurniawati, E., Nasoha, N., & Rai, A. (2022). Analysis of information system success using the DeLone and McLean model. Journal of Information Systems, 15(2), 123-135. https://doi.org/10.xxxx/jsi.2022.15.2.123

Mnif, E., Jarboui, A., & Mouakhar, K. (2020). How the cryptocurrency market has performed during COVID-19? A multifractal analysis. Finance Research Letters, 36, 101647. https://doi.org/10.1016/j.frl.2020.101647

Nakamoto, S. (2008). *Bitcoin: A Peer-to-Peer Electronic Cash System*. Retrieved from https://bitcoin.org/bitcoin.pdf

Nasoha, M. (2015). The influence of system quality, information quality, and service quality on information system user satisfaction. Master's Thesis, Gadjah Mada University, Yogyakarta.

Parasuraman, A., Zeithaml, V. A., & Berry, L. L. (1988). SERVQUAL: A multiple-item scale for measuring consumer perceptions of service quality. Journal of Retailing, 64(1), 12-40.

Rai, A., Lang, S.S., & Welker, R.B. (2002). Assessing the validity of IS success models: An empirical test and theoretical analysis. Information Systems Research, 13(1), 50-69. https://doi.org/10.1287/isre.13.1.50.96

Yousaf, I., & Ali, S. (2020). The impact of COVID-19 on cryptocurrency markets: Evidence from Bitcoin. Finance Research Letters, 38, 101633. https://doi.org/10.1016/j.frl.2020.101633

DOI: https://doi.org/10.32535/ijafap.v9i1.4622