Some officials of crypto’s biggest crypto exchanges claim a bull exchange will come in early 2024, while others claim it is already there. The heads of Australia’s biggest crypto exchanges claim the market has moved to the first phase of a critical rally.
The number of persons purchasing crypto has risen and is anticipated to hasten in early 2024. Adrian Przelozny, Independent Reserve’s chief executive officer, said he anticipates an increase in market activity early next year and is seeking to develop an infrastructure before then.
Market Players Predict Another Bull Market
Adrian said they intend to be prepared for a bull market citing the signs of it coming sooner. As such, one should ensure they have the necessary individuals, processes, and infrastructure to handle the situation. Caroline Bowler, BTC Markets’s chief executive officer, claimed that market conditions became more bullish over the year, and an overall recovery began at the start of the year.
Bowler also said that despite the market gains’ trajectory not being linear, the industry-vast growth in technology applications and asset prices could boost confidence. Specifically, she said the present deployment of ‘dry powder’ reinforces their belief of an imminent bull market.
‘Dry powder’ refers to the influx of users and increased trading volumes. Tom Honan, the product strategy head at Swyftx, claimed his exchange had started witnessing a rise in purchasing activity.
He also mentioned that the exchange is attempting to bolster direct debit functionality. This has been a persistent problem for the nation’s crypto environment since the ‘Big Four’ banks have restricted or wholly barred deposits to some exchanges.
Honan said that activity uptick was not linked to the fear of missing out (FOMO). Instead, he claimed that investors who stayed aside during the bear market found the market fundamentals more appealing.
He said that all indicators are flashing green at the moment, with many clients returning to the market following periods of dormancy during the bear market. Despite the market’s revival, nobody knows where they are in the cycle.
Crypto Firms Prepare for Bitcoin Halving
Jonathon Miller, Kraken Australia’s managing director, claimed it might be challenging to predict the market’s present phase. He said there is a misunderstanding concerning the crypto markets being bear or bull markets.
The truth is that a vast gray area between the two exists.
Miller acknowledged that compared to this time in 2022, there are several reasons to be positive, particularly considering 2024’s Bitcoin halving and an improvement to Ethereum’s Dencum.
He is confident this is already beginning to spur attention from retail and institutional investors. Miller added that the rising institutional appetite for crypto assets is primarily unnoticed. Currently, markets are focusing on exchange-traded fund filings for Ether and Bitcoin.
However, a restoration of interest from several institutional clients seeking exposure to this upcoming asset class has been witnessed in the past year. Ben Rose, Binance Australia’s general manager (GM), said he did not intend to make the call concerning the arrival of a bull market.
Trading Activity and Registration Surge on Binance’s Australian
However, he claimed that new trading activity and registration on Binance’s Australian arm had risen in recent months. Further, he said that Binance Australia’s focus entailed educating users ahead of a likely rally as well as preventing them from the fear of missing out on purchasing.
Rose claimed it is vital to retain users through the following possible market surge by eliminating the likelihood of people being trampled during a market turmoil. He said that despite price being the one to unlock interest, people still need to onboard responsibly and sustainably.
He also noted that despite the price being the reason for initially looking at crypto, people are in there since they comprehend its benefits, which form part of their financial management.
Meanwhile, the much awaited bull coincides with two critical events in 2024 considered as likely to power the surge. Besides the Bitcoin halving, the crypto community awaits the approval of spot Bitcoin ETF by the US securities regulator.