Australian Crypto Exchange Heads Predict Bull Market
Independent Reserve’s Preparations for Market Rally
The heads of Australia’s major crypto exchanges anticipate an upcoming market rally, with Independent Reserve CEO Adrian Przelozny expecting increased market activity in early 2024 and preparing by expanding infrastructure.
We’re just doing everything we can to get ready for a bull market because we know that when the bull market comes, it happens very fast. You need to make sure you have the processes, people and infrastructure in place so when your business triples overnight, you can handle it.
BTC Markets Observing Bullish Trends
BTC Markets CEO Caroline Bowler observed a more bullish market trend since January, noting non-linear but significant growth in asset prices and technology applications in the industry.
The current deployment of ‘dry powder,’ an influx of new users and an uptick in trading volumes further support our assessment that we are in the early stages of a bull market.
Swyftx Adapting to Increased Buying Activity
Tommy Honan, head of product strategy at Swyftx, noted an increase in buying activity on their exchange and is enhancing direct debit features due to restrictions by Australia’s Big Four banks. He attributes the uptick not to FOMO, but to improved market fundamentals attracting investors who were cautious during the bear market.
All our indicators are flashing green at the moment. We’re seeing a significant number of customers come back to the market after periods of inactivity during the bear market. The market is waking up, but the truth is, no one knows where we’re at in the cycle.
Kraken Australia’s Cautious Approach
Jonathon Miller, Managing Director of Kraken Australia, urges caution in defining the current market phase, noting the often misunderstood grey area between bull and bear markets. He acknowledges reasons for optimism compared to last year, particularly citing the upcoming Bitcoin halving and Ethereum’s Dencun upgrade as points of interest for both institutional and retail investors.
There’s a common misconception that the crypto markets are either in a bull market or bear market. In reality, there’s a large grey area between these two.
Binance Australia’s Focus on Sustainable Onboarding
Ben Rose, General Manager of Binance Australia, refrained from declaring a bull market but observed an increase in new registrations and trading activity on their platform. He emphasised Binance Australia’s commitment to educating users and preventing FOMO-driven purchases ahead of a potential market rally.
Price is one thing that will unlock interest, but you want people to be able to onboard in a sustainable and responsible way, so it’s not just a one-off. Sure, price might be the reason they first look at crypto, but ultimately, they’re in there because they understand the benefits of it, and it becomes part of how they manage finances.