Hong Kong protests pushes local Bitcoin price up

Posted 15 August, 2019


The cost of bitcoin in Hong Kong is now about $300 higher than on most cryptocurrency exchanges. According to local reports, the current situation was related to the mass protests and rumors about the movement of Chinese troops. Amid the hype caused by the huge number of people wishing to convert fiat to cryptocurrency, the cost of the main coin in the local market began to grow.

Local publications write that mass protests, which often end in clashes with law enforcement agencies, began in June. The first jumps in bitcoin were recorded just at that time. Moreover, its capitalization also increased being replenished by new investors.

The mass protests was summoned by the amendment to the law, which is under consideration by the government. Officials proposed extraditing to mainland China, but local residents insisted on autonomy and the implementation of democratic reforms announced earlier. Now the situation in the country continues to escalate due to rumors about the movement of troops of China.

Information about this has not yet been confirmed. Last week, protests caused numerous traffic jams. On August 14, the court allowed the restriction of sit-down protests at the airport (HKIA). This allowed renewing part of the infrastructure and flights.

A similar situation was recorded in Argentina after losing the current head of state, Mauricio Macri, in the country's primary elections. There, the cost of bitcoin amounts to more than $12,000, which is almost 5% more than the average rate.

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