Why is the BTC to CZK pair important to traders?
BTC to CZK is a very popular crypto-to-fiat pair in the Czech Republic and abroad. Since its inception in 2009, Bitcoin – the base currency of this pair – has proved to be the world’s top cryptocurrency in terms of market capitalisation and value. The pair’s counter currency – the Czech krone – is the official national currency of Czechia. The krone, or koruna, is one of the 11 currencies of the European Union and the country is officially obliged to adopt the euro in future.
The crypto market, including Bitcoin, is extremely volatile, which provides huge potential for speculation. Observing the popularity of BTC to CZK exchange transactions, there are immense opportunities for traders to profit from the pair’s trade.
BTC to CZK trading: the ultimate way to invest in Bitcoin
Although the volume of the BTC to CZK crypto-to-fiat currency pair is much lower than BTC to USD, Bitcoin to CZK trading is steadily growing. The ultra-volatile nature of BTC/CZK makes it a strong alternative to traditional Forex markets.
Bitcoin traders can always profit from BTC price swings. You can either go long or short, depending on Bitcoin to CZK price movement, and benefit from the price difference.
Proven to be a lucrative investment, Bitcoin consolidates its position as the world's top cryptocurrency. With a remarkably strong start of 2020, investors have shared a bullish view on the Bitcoin price future. However, the drastic BTC plunge and a moderate rebound in March 2020 amid the Coronavirus and global recession fears make it hard to deliver reliable future price predictions.
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Developed in 2009, Bitcoin introduced a new type of digital currency to the world gradually gaining worldwide popularity. Today, it is the most popular and valuable cryptocurrency on earth, serving as the gold standard for emerging crypto projects.
Due to its decentralised nature, BTC transactions do not require a middleman, meaning no banks or other authorities are involved. In addition to being an alternative payment network and a store of value, Bitcoin offers great opportunities to traders.
Key facts about BTC
- The first decentralised cryptocurrency
- Launched in 2009
- The brainchild of a person or group known as Satoshi Nakamoto
- The maximum number of Bitcoins is 21 million
- 80% of all Bitcoins have already been mined
- Bitcoin is considered both a commodity and a currency
- The first BTC transaction was to buy 2 pizzas
In April 2010, when Bitcoin was launched at the first cryptocurrency exchange BitcoinMarket.com, its price was $0.0025. Shortly after, the BTC price rate started to surge dramatically, generating more than a thousand per cent earnings to its initial owners.
Today, Bitcoin remains in a strong position at the forefront of the crypto world. As the cryptocurrency is not tied to any particular country or region, domestic and geopolitical factors can have less of an impact on the value of Bitcoin. Instead, you should keep an eye on its demand, adoption rates, regulations and market sentiment. The Bitcoin price chart shows BTC/CZK price rate in real-time.
In the Bitcoin to Czech krone pair, BTC is the base currency and the CZK is the counter currency, which means the BTC/CZK chart shows how much one Bitcoin is worth as measured against the Czech krone.
The Czech republic is a part of the European single market, but it uses its own currency instead for the euro. It is considered an export-oriented market with services accounting for 60 per cent, industry accounting for 37.5 per cent, and agriculture for 2.5 per cent of the economy.
The key services include software development, research and developments, life sciences and nanotechnology. The major industries include electronics and machine-building, high tech engineering, steel production, pharmaceuticals, chemicals and transportation equipment.
The Czech economy is considered steadily growing, which is backed by strong fundamentals: sustained job creation, growing exports and tax revenues. However, a slowing global economy, affected by coronavirus impact on supply chains, and a weakened German industrial sector (the main Czech trading partner) could slow down the country’s economic growth.
Those interested in the BTC/CZK pair trading should keep a close watch of crypto market news and releases from the Czech National Bank regarding interest rates and monetary policy changes.