Preparing for the Bull Market
Australia’s largest cryptocurrency exchanges are gearing up for a major rally in the crypto market, with a surge in buyers expected to hit early next year. Independent Reserve CEO Adrian Przelozny believes that market activity will see a significant uptick in early 2024 and is actively hiring to build the necessary infrastructure ahead of time. "You need to make sure you have the processes, people, and infrastructure in place so when your business triples overnight, you can handle it," Przelozny said.
Growing Confidence in the Market
BTC Markets chief Caroline Bowler notes that market conditions have become more bullish throughout the year, with a general recovery that began in January. While the trajectory of market gains hasn't been entirely linear, the overall growth in asset prices and technological applications in the industry are reasons to be confident. Bowler adds, "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."
Uptick in Buying Activity
Swyftx's product strategy head, Tommy Honan, has observed a noticeable increase in buying activity on their exchange. To address recent limitations and bans on deposits by Australia's 'Big Four' banks, Swyftx is moving quickly to strengthen direct debit functionality. Honan believes that the uptick in activity is not driven by fear of missing out (FOMO), but rather by more attractive market fundamentals that are enticing investors who stayed on the sidelines during the bear market.
Market Phase Uncertainty
Jonathon Miller, the managing director of Kraken Australia, urges caution in determining the current phase of the market. He explains that the crypto markets are not simply in a bull or bear market, but rather in a large gray area in between. Despite this uncertainty, Miller remains optimistic due to upcoming events such as Bitcoin halving and Ethereum's Dencun upgrade, which have caught the attention of institutional and retail investors.
Increasing Interest and Activity
Binance Australia general manager Ben Rose refrains from definitively declaring the arrival of a bull market but acknowledges the rise in new registrations and trading activity on the platform. Binance Australia is focused on educating users and preventing FOMO buying. Rose emphasizes the importance of responsible onboarding to retain users during market surges, stating, "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."
In conclusion, Australian exchanges are anticipating a major rally in the crypto market in 2024, with an uptick in buyers expected early next year. Market conditions have grown more bullish, and there is increasing interest and activity among investors. However, caution is advised in determining the current market phase. The key to retaining users during a potential market surge lies in responsible onboarding and education about the benefits of cryptocurrency.
