The volume of cryptocurrency trading on the Czech market fell by half year-on-year to CZK 1 billion in January. Compared to December, it was approximately CZK 100 million higher. This is according to data from the largest domestic cryptocurrency exchanges.
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Investors bought in January, but bitcoin ended the month with a decline
“January saw a slight upturn in activity compared to December, with the market maintaining a very strong buying sentiment. Investors entered the new year with a clear preference for accumulation strategies, with purchases accounting for 70 percent of the total volume,” said Marek Kyrsch, director of the Anycoin exchange. Anycoin reported transactions worth CZK 400 million in January, of which CZK 280 million were crypto purchases and the rest were sales.
After the December slowdown, Bit.plus director Martin Stránský saw greater investor activity in January, which may have been related to falling crypto prices. At the end of the month, they reached their lowest levels since April last year. “Trading increased by about 15 percent compared to last month. Purchases significantly outnumbered sales of Bitcoin and Ethereum,” added Stránský.
According to Wood & Company Blockchain+ analyst Tomáš Kalabis, the digital asset market behaved indecisively throughout January. The price of bitcoin fluctuated around $90,000. However, on the last day of the month, it finally chose a direction and bitcoin fell to $77,000, a level last reached in April last year.
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Uncertainty grows, but investors continue to seek opportunities
“As the data shows, investors are willing to exit the market even at the cost of significant losses. The derivatives market is also turning to the short side. In the short term, the price may either return above $80,000 per bitcoin or fall to $70,000. One thing is certain, however. After falling from a high of $126,000, it is now a good buying price for long-term investors,” he added.
According to Ota Janda of Coingarage, January’s developments on the cryptocurrency market were marked by increased uncertainty and price fluctuations. Investors mainly focused on macroeconomic data, interest rate expectations, and further steps by regulators. Interest remained concentrated mainly on bitcoin, while the broader market reacted sensitively to short-term news and changes in sentiment.
Another trader, Golden Gate, reports an increase of about ten percent compared to December. “In February, I expect the price of Bitcoin to return above $90,000, and the positive trend should continue in the coming months,” said Rostislav Plachý of Golden Gate.
Source: ČTK
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