The Crypto Market is Poised for a Major Rally, Say Australian Exchange Heads
The heads of Australia’s largest crypto exchanges are predicting that the crypto market is entering the first phase of a major rally. They anticipate an acceleration in buying activity early next year, as more people enter the market. According to BTC Markets chief Caroline Bowler, market conditions have become more bullish throughout the year, with a general recovery that started in January. She believes that the growth in asset prices and tech applications in the industry further support the assessment that the market is in the early stages of a bull market.
Increasing Buying Activity and Attractive Market Fundamentals
Swyftx’s product strategy head, Tommy Honan, has observed an uptick in buying activity on his exchange. He attributes this to attractive market fundamentals rather than fear of missing out (FOMO). Many investors who were on the sidelines during the bear market are now finding the market more appealing. However, Jonathon Miller, managing director of Kraken Australia, urges caution and suggests that there is a gray area between bull and bear markets. He believes that institutional interest in crypto assets is often overlooked and expects attention from institutional and retail investors due to events like Bitcoin halving and Ethereum’s Dencun upgrade.
Focusing on Education and Responsible Onboarding
Binance Australia general manager Ben Rose reports an increase in new registrations and trading activity on their platform. However, he refrains from confirming whether a bull market has arrived. Binance Australia aims to educate users about crypto before any potential rally and emphasizes responsible onboarding to prevent FOMO buying. Rose stresses the importance of retaining users throughout market surges by ensuring sustainable and responsible engagement with cryptocurrencies.
Hot Take: The Crypto Market Gears Up for an Exciting Future
As the number of people buying crypto continues to increase, Australian exchange heads are optimistic about the market’s future. They believe that the current rally is just the beginning and expect a significant acceleration in buying activity early next year. While caution is advised, there are several factors supporting this positive outlook, such as growing institutional interest, upcoming events like Bitcoin halving and Ethereum’s Dencun upgrade, and attractive market fundamentals. The focus now is on educating users and promoting responsible onboarding to ensure sustainable engagement with cryptocurrencies. The crypto market is waking up, and exciting times lie ahead.
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