Australian Crypto Leaders Predict Major Market Surge by Early 2024
Summary:
Leaders of Australia's largest crypto exchanges predict a significant surge in the crypto market starting early 2024. They noted an uptick in crypto buying and are preparing their infrastructures for the expected wave. Despite existing restrictions, some exchanges, like Swyftx, are witnessing a rise in purchasing activities. Industry heads remain cautiously optimistic, acknowledging multiple reasons for a positive trend, including Bitcoin's imminent halving and Ethereum's Dencun upgrade. They also highlight the importance of user education to prevent FOMO buying.
The crypto market is currently in the initial phase of a significant surge, according to leaders of Australia's primary cryptocurrency exchanges. An increase in crypto purchases, anticipated to quicken in early 2024, is already observable, notes Adrian Przelozny, CEO of Independent Reserve. Preparing for this bullish trend, Przelozny has begun recruiting to ensure adequate infrastructure is in place ahead of the anticipated market wave.
Caroline Bowler, head of BTC Markets, speaks to the strengthening market condition over the year, traceable to a broad recovery since January. Being optimistic, she attributes the overall growth in asset prices along with tech applications to the industry's non-linear gain trajectory. Bowler believes we are at the onset of a bullish market, supported by heightened trading volumes, an influx of novel users, and the utilisation of 'dry powder'.
Meanwhile, Tommy Honan, head of product strategy at Swyftx, says they are witnessing a rise in purchasing activities. To address Australia's 'Big Four' banks' restrictions on deposits, the exchange is working to bolster the direct debit function. Honan detected no FOMO (Fear Of Missing Out) instances, pointing instead to improved market fundamentals that appeal to investors dormant during the bear market.
Kraken Australia Managing Director, Johnathon Miller, exercises discretion in gauging the market phase. He discards the binary approaching to viewing crypto markets as either bullish or bearish, indicating a substantial interim gray area. Miller acknowledges multiple reasons for optimism, including Bitcoin's imminent halving and Ethereum's Dencun upgrade.
Ben Rose, General Manager of Binance Australia, did not confirm whether we have entered a bullish market, but signaled an increase in new registrations and trading activity. He emphasized the importance of user education in anticipation of a potential rally and offered insights into engaging and retaining users beyond initial price interests.
Published At
11/24/2023 2:27:00 AM
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