In a recent interview with Bloomberg Markets, the chief executive officer of Japanese fintech firm and crypto exchange operator ‘Quoine’ stated that he believes Bitcoin [BTC] can “surpass” its uncomparable worth highs by the end of 2019 even in this current period of market downfall
Speaking via the aftermath of an industry-wide worth slump, Mike Kayamori stated that he expects new crypto market sentiment and momentum to line in after the New Year.
Mike Kayamori expressed that whereas several had referred $4,000 USD as the “technical bottom” for Bitcoin [BTC] this winter, the major coin though did failed to hold its mark throughout the recent sell-off. “That said,” he added, “when you check the historical [patterns] and look at where the things are going, i believe the bottom is near.”
He verified his analysis by noting the pressure on Bitcoin miners, several of whom are shuttering operations as the asset’s value tumble squeezes profits. Adding further Kayamori stated:
“If there’s enough miners going out of business, that means equilibrium is close to. Once you look up how markets overshoot, each up and down, you’ll most likely say it’s on the point close to the bottom.”
Kayamori claimed that Japanese regulators are currently beginning to open up again to approve new crypto exchanges and token listings following the the thievery of $534 Mln price of cryptocurrency, earlier in Jan. this year from Japanese exchange Coincheck.
Moreover, the cluster of domestic exchanges are returning on the point of fulfilling the terms of the business improvement orders that were issued by Japan’s Financial Services Agency [FSA] to wash up the business within the aftermath of the Coincheck hack. Adding further, he said:
“With better practices in situ across governance, compliance, asset segregation, secure cold digital wallet storage — along with an exaggerated participation from financial industry veterans — Japan’s crypto landscape is in a period of “consolidation.”
Outlining that Japan was the “first world economic powerhouse” to manage cryptocurrencies, Kayamori focused to the country’s pioneering attention to the industry’s latest fundraising model, the successor to ICOs [Initial Coin Offerings]: STOs [Security Token Offerings].
Moreover, the FSA is reportedly acting on better ICO rules to shield investors from fraud. And, as reported earlier, Japan’s govt. is additionally presently seeking ways to forestall evasion on profits from crypto transactions.