Aussie crypto exchanges confident ‘winter’ will thaw

The operators of Australia’s largest cryptocurrency exchanges have insisted the dramatic sell-off of the previously booming asset class is simply cyclical, and they are not shedding staff like US giant Coinbase or considering restricting withdrawals.

He said he hoped these newer entrants would hold their nerve and ride out the cycle, as more seasoned crypto investors had done through previous bear markets in the past decade, but he believed there would be a thinning out of the coins on offer.“Bitcoin value has shown itself to prevail in the longer term. Retail momentum largely dictates prices in this space and sentiment is still poor,” Mr Tan said.

Independent Reserve CEO Adrian Przelozny said he remained upbeat about the longer-term prospects of the cryptocurrency sector, and continued to see strong investment flows and opportunities for investors. “With newer platforms popping up that might not have a proven track record, it’s sad to see investors lose control of their funds, especially during times of uncertainty,” he said.“CoinSpot is the most audited and certified cryptocurrency platform in the Australian market, and these recent fluctuations do not disrupt how our products operate, and thus we have not halted withdrawals on our platform and have no plans to do so.

BTC Markets CEO Caroline Bowler said the current sell-off would herald an extended period of consolidation for the industry. However, she said trading activity on her platform had remained robust over the past week and there was no question about the sector’s longer-term prospects.

Exactly what them clinging to the rails of the Titanic said when they realised the lifeboats had already cashed out.

Currencies have taxing rights Investments have income streams Everything else is an instrument of speculation

Cant look away.

As if they have any other choice.

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