According to the heads of Australia’s largest crypto exchanges, the market has already started a major rally, with an increasing number of people buying crypto, and this trend is expected to pick up pace early next year.
Adrian Przelozny, CEO of Independent Reserve, told Cointelegraph that he anticipates a surge in market activity in early 2024 and is in the process of hiring to build infrastructure before that happens.
He emphasized the importance of being prepared for a sudden increase in business during a bull market and highlighted the need for processes, people, and infrastructure to handle the rapid growth.
“I think the next two years are going to be good. Strap yourselves in.”
Caroline Bowler, chief of BTC Markets, stated that market conditions had become more bullish over the year, with a general recovery that began in January. She expressed confidence in the industry-wide growth of both asset prices and tech applications.
“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.”
Tommy Honan, Swyftx’s product strategy head, noted an increase in buying activity and their swift action to address recent issues related to direct debit functionality for Australia’s crypto scene. He ruled out FOMO as the reason for the uptick in activity, attributing it to more attractive market fundamentals than 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.”
Jonathon Miller, managing director of Kraken Australia, cautioned against assuming the phase of the market, emphasizing the gray area between a bull and bear market. He mentioned reasons for optimism, such as next year’s Bitcoin halving and Ethereum’s Dencun upgrade, which have piqued interest from institutional and retail investors.
He also highlighted the growing institutional appetite for crypto assets as a significant factor often overlooked.
Ben Rose, general manager of Binance Australia, refrained from determining whether a bull market had arrived but acknowledged an increase in registrations and trading activity on the Australian arm of Binance. He underscored the importance of educating users and preventing FOMO buying to ensure responsible onboarding into the market.
He emphasized the need for sustainable and responsible onboarding, ensuring that individuals understand the benefits of crypto and incorporating it into their financial management.
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