Recently, Singapore based cryptocurrency exchange, KuCoin invested $3 million in Australia’s local exchange Bitcoin Australia according to a report published by the Australian Financial Review [AFR]. The joint venture aims to strengthen Bitcoin Australia’s international expansion and also target the expansion of KuCoin in Australia, it said.
Currently, Bitcoin Australia has three markets. The partnership with KuCoin will help it to expand from three to over 50 markets in the span of two years, the report revealed.
In a statement issued to AFR the Chief Executive of Bitcoin Australia, Rupert Hackett said:
“KuCoin is designed for speculative investors and offers 300 different cryptocurrencies to buy and sell and it doesn’t do any onboarding. while we’re a mass market approach, making us quite synergistic. We’ll build the consumer-friendly retail experience for people entering the market, while supporting KuCoin for advanced traders.”
In addition, the Chief said to the media that it was the right time for expansion due to the regulations introduced by the Australian Transaction Reports and Analysis Centre [AUSTRAC] to govern cryptocurrency exchanges. Moreover, in Hackett’s opinion, the AUSTRAC was very progressive considering the trends of the global climate.
The company has already made efforts to reach the Canadian and the Netherlands market. The firm will be aiming at expanding in European markets in the future, states the report.
On the contrary, SBSNews earlier in July quoted Dr. Tony Richards, the head of Payments policy division of Reserve Bank of America [RBA] saying that cryptocurrencies will not make its mark in Australia. He said:
“The stability of the Aussie dollar means bitcoin is unlikely to be widely adopted.”
The head argues that when a country does not have a credible currency, then comes the need for others and adding that Australia’s “Australian Dollar” is a credible currency.
However, the head was also reported saying that it is hard to avoid admiration towards the design of Bitcoin, despite the questions of whether Bitcoin [BTC] will have a significant role in the future of the economy.
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Bitcoin’s 2017 bull run was fueled by FOMO & hype; present run more fundamentally driven, claims report
Here we go again. Another bull run. Another “hype session” among investors as Bitcoin rises again. The cryptocurrency market is well known for its incredible shift in market sentiment, especially on the back of the world’s largest cryptocurrency surging again.
Bitcoin not only reached its 16-month high today, but it also recorded a growth of 15 percent over the week. This has contributed to several analysts and industry insiders speculating how high Bitcoin will go, with Anthony Pompliano claiming that the digital currency will soon cross its all-time-high valuation of nearly $20,000 and reach a massive $100,000 by 2021.
These predictions have definitely contributed to the coin’s growth as while the present surge is similar to the 2017 rally, it’s not driven by FOMO alone.
A recent comparison drawn out by the SFOX Volatility report compared the preset rally with the bull run of 2017.
The report suggested that the rally of 2017 was largely driven by ‘FOMO.’ When Bitcoin started climbing the valuation ladder, word got out and many investors discovered virtual assets for the first time. The rally of 2017 was mainly fostered through hype and speculation, since there were no major readings or past data to back the rising price.
The present run, while similar, is different in some aspects, one of them being that Bitcoin has a larger user base now than in 2017. While FOMO remains a major factor in driving the price up, the current surge is also backed by developments in the ecosystem, such as the entry of retail investors and huge financial/non-financial institutions joining the crypto-bandwagon.
Facebook’s crypto project, Libra, and Bitmain’s pursuit for a U.S IPO have validated Bitcoin and the rest of the cryptocurrency market, a luxury not available to the market of 2017. The present rally thus, is more mature than the 2017 rally as the present market’s fundamentals are more data-driven.
There remain some stark similarities in the trends however. For instance, in 2017, the push from $9000 to $11000 took place in a period of 7 days. The current push from around $8800 to $11000 came to be in 8 days.
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