A Japanese fintech company and crypto exchange operator, Quoine’s CEO stated he believes Bitcoin (BTC) will “surpass” its ATHP in 2019. He said that during an interview on 4th of December.
Mike Kayamori said, because of the industry-wide price slump, he is expecting new crypto market beliefs. After the new year, noting that “there’s nothing new, no catalyst” in the near future to set prices back up.
The CEO announced that where as a lot said $4,000 as the “technical bottom” for Bitcoin last year. BTC had failed to hold this mark during the last big sell-off. He added, “when you look at historical [patterns] and where things are going, I think the bottom is near.”
He proves his analysis by noting the pressure on Bitcoin miners. Most of them are shuttering operations as the asset’s price drop pump profits. Kayamori noted:
“If there’s enough miners going out of business, that [means] equilibrium is near. When you look at how markets overshoot, both up and down, you can probably say it’s close to the bottom.”
Following the theft of $534 million worth of crypto from Japanese exchange Coincheck in January, Kayamori said that Japanese regulators are now opening up again to approve new crypto exchanges and token listings.
However, most of domestic exchanges are coming close to complete the terms of the business improvements. Cryptocurrency-related companies have to complete requirements given by (FSA) to clean up the industry after the Coincheck hack.
With better routine, in place across governance, compliance, asset segregation, secure cold wallet storage — as well with more participation from financial industry veterans — Japan’s crypto world is in a period of “consolidation,” he added.
Japan was the “first global economic powerhouse” in the crypto regulation, Kayamori noted the country is paying special attention to the industry’s latest fundraising model, to Initial Coin Offerings (ICO): Security Token Offerings, or STOs.
Furthermore, the FSA is reportedly working on ICO regulations to give protection to investors from frauds. And based on a report, Japan’s government is also currently trying to find ways to prevent tax evasion on profits from crypto transactions.
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