After a long and dismal bear market over the past few months, crypto investors can finally rub their hands again. The long-awaited crypto bull market appears to be just around the corner. The CEOs of Australian crypto exchanges also seem to be convinced of this. They reported this in an interview with Cointelegraph.
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First phase of a bull market?
For example, Adrian Przelozny, the CEO of Independent Reserve, reports that they are currently preparing for the bull market.
“We are doing everything we can to be ready for the bull market. Because we know that the bull market will happen very, very quickly. We need to make sure we have the processes, people and infrastructure in place to deal with this.”
That’s what Przelozny said. The head of BTC Markets is also optimistic and believes that we are currently in the first phase of a bull market.
“The current inflow of new money, an increase in new users and an increase in trading volume support our view that we are in the first phase of a bull market.”
Is FOMO a reason for price increases?
According to Swyft’s Tommy Honan, this new money isn’t due to FOMO, the “fear of missing out.” He believes that the fundamental strength of the crypto market is the reason for the growing interest in this sector.
“All our indicators are currently green. We are seeing a significant number of new customers returning to the (crypto) market after months of inactivity during the bear market. The market is waking up, but the truth is that no one knows where in the cycle we are.”
Ben Rose from Binance Australia would not comment on whether we are in a bull market. However, he must recognize that there are many new users. Trading activity is also increasing. However, according to him, Binance Australia is focused on educating users. The exchange wants to prevent customers from entering the market due to FOMO.
“We have asked many customers about the reason for getting into crypto. A quarter of them said that seeing others succeed was an important reason. That is the biggest motivation. So there is FOMO in crypto.”
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