The volume of cryptocurrency trades in Czech exchanges fell by a third in July compared to the previous month to 650 million crowns. Year-on-year, this is half as much. Over seven months, Czechs bought and sold crypto worth 6.75 billion crowns, which was a quarter less in year-on-year comparison. This follows from information from exchanges for ČTK.
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Czech crypto market reached CZK 1.3 billion. Anycoin’s trades influenced by MiCA regulation
After accounting for the activities of Czech users on foreign exchanges, the actual volume of the Czech market could have reached up to 1.3 billion CZK, according to Marek Kyrsch, director of the Anycoin exchange.
“The final phase of the bear market is manifested, among other things, by weaker interest in cryptocurrencies. Mainly from small investors. Nevertheless, the company Anycoin traded cryptocurrencies in a total volume of 243.7 million CZK in July. Although this is a decline of 41.6 percent compared to the previous month, it is not a bad number,” Kyrsch said.
Last month was significantly associated with the migration of investors due to the entry into force of the MiCA regulation. Only about ten companies in the Czech Republic obtained a license under this regulation. “Excluding this one-time factor, we see a growing trend, for example, compared to May,” Kyrsch added.
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At another major trader Bit.plus, the July trading volume fell by about 15 percent compared to June. “The share of sales increased by more than a third, which suggests that some investors took advantage of higher prices to realize profits. On the other hand, the buying side remained dominant and accounted for almost half of all trades. This confirms that long-term confidence in bitcoin persists, even though investors are reacting more sensitively in the short term to price developments and macroeconomic events,” Martin Stránský, director of Bit.plus, told ČTK.
Bitcoin is increasingly becoming a standard part of investment portfolios, and short-term fluctuations in trading activity are typical for this market, according to Rostislav Plachý from Golden Gate. “From a long-term perspective, interest in digital assets remains supported by growing institutional adoption and by investors seeking alternative assets capable of diversifying portfolios in an environment of persistent economic uncertainty,” he added.
According to Wood & Company Blockchain+ analyst Tomáš Kalabis, the price of bitcoin rose by more than seven percent in July and is now moving slightly below the two-hundred-day moving average. It has thus partially erased the record June loss. “However, the crypto-asset market remains subdued, which is characteristic of the end of the bearish phase of the cycle. Much more interesting data is offered by the ongoing earnings season of American companies. Visa, Mastercard, SoFi, CME, Nasdaq and BlackRock, this is just a basic list of companies that openly present a clear strategy for implementing on-chain finance as another pillar of development. This trend will continue,” he concluded.
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Source: ČTK
