Australia’s largest cryptocurrency exchanges are gearing up for a major rally, as the number of crypto buyers begins to climb.
According to the heads of these exchanges, this upward trend is expected to gain momentum in early 2024.
Adrian Przelozny, CEO of Independent Reserve, is actively preparing for the anticipated bull market.
He recognizes the need to fortify infrastructure and expand the team in anticipation of rapid growth.
Przelozny emphasizes the importance of being well-prepared to handle the surge in business when the bull market arrives, as it tends to unfold swiftly.
Caroline Bowler, the CEO of BTC Markets, notes that market conditions have become increasingly bullish throughout the year.
She acknowledges that market gains have not followed a linear path but highlights the industry-wide growth in asset prices and technological applications as reasons for confidence.
She also points to the influx of new users, increased trading volumes, and the deployment of “dry powder” as indicators that the market is in the early stages of a bull run.
Tommy Honan, the head of product strategy at Swyftx, reports a rising trend in buying activity on their exchange.
To address recent challenges faced by the Australian crypto scene, Swyftx is swiftly improving direct debit functionality.
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Honan attributes the uptick in activity to improved market fundamentals, drawing back investors who had stayed on the sidelines during the bear market.
Jonathon Miller, the managing director of Kraken Australia, exercises caution in determining the market’s phase. He dispels the notion that the crypto market is solely in a bull or bear phase, emphasizing the existence of a gray area in between.
Miller highlights factors like the upcoming Bitcoin halving and Ethereum’s Dencun upgrade as catalysts that are catching the attention of both institutional and retail investors.
Ben Rose, the general manager of Binance Australia, refrains from making a definitive call on the arrival of a bull market.
He observes an increase in new registrations and trading activity on Binance Australia recently.
To prepare users for a potential rally and prevent FOMO buying, Binance Australia is focused on educating its users.
Rose underscores the significance of responsible onboarding and ensuring users understand the long-term benefits of cryptocurrency beyond short-term price gains.
In conclusion, Australia’s cryptocurrency exchanges are bracing themselves for what they anticipate to be a significant market rally in 2024.
While optimism prevails, caution and preparedness are key themes among these industry leaders as they navigate the unpredictable crypto landscape.
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