According to Bit.plus, cryptocurrency trading between January and June 2021 decreased by 18 percent to approximately 1.8 billion CZK. In June, Czechs traded cryptocurrencies for about 300 million CZK, the same amount as last year and six percent less than the previous month. The price of Bitcoin, the most traded cryptocurrency, rose 14 percent in June to 687,490 CZK compared to May and rose by over 53 percent in the last year. The price on Tuesday was at 659,120 CZK, according to CoinMarketCap.

Bitcoin began to strengthen significantly in June due to several announcements from significant global players, followed by a slight cooling of demand in the Czech market. This was also influenced by the pre-holiday period, according to Bit.plus director Martin Stránský.

Significant financial institutions entered the cryptocurrency market in June, according to Wood & Company analyst Tomáš Kacerovský. The world’s largest investment corporation, Blackrock, applied with the US regulator to create a Bitcoin ETF fund. Following this announcement, a race began among other financial institutions to apply for permission to create a Bitcoin ETF fund, including CME, Invesco, and Fidelity. Deutsche Bank also applied for a license to trade digital assets in Germany. Cryptocurrency prices, after the Blackrock application, ended several weeks of decline, according to Kacerovský.

Cryptocurrencies came under intense pressure in early June, according to 2Bminer CEO Jakub Hlavenka. The reason was mainly the lawsuits by the Securities and Exchange Commission (SEC) against traders Binance and Coinbase. The market was not helped by debates about whether a significant portion of the so-called altcoins would not pass the SEC test, which would determine that they fall into the category of securities. This would negatively affect Bitcoin in the future, according to Hlavenka.

According to Portus economist Lukáš Raška, the overall market capitalization of the entire cryptocurrency market, like in previous months, followed the development of Bitcoin, and the value of the entire market increased to $1.2 trillion. Bitcoin is becoming an increasingly popular cryptocurrency due to Blackrock’s steps and others, according to Kacerovský. The market dominance of Bitcoin, whose share in the entire crypto market exceeded 50 percent in June for more than two years, confirms this.

Cryptocurrency Trading in the Czech Republic

The volume of cryptocurrency trading in the Czech Republic between January and June 2021 decreased by 18 percent to approximately 1.8 billion CZK. According to Bit.plus, Czechs traded cryptocurrencies for about 300 million CZK in June, the same amount as last year and six percent less than the previous month. The price of Bitcoin, the most traded cryptocurrency, rose 14 percent in June to 687,490 CZK compared to May and rose by over 53 percent in the last year. The price on Tuesday was at 659,120 CZK, according to CoinMarketCap.