Bitcoin develops premium in Hong Kong amidst protests

Rajarshi Mitra
Rajarshi Mitra FXStreet
  • Presently, one BTC is currently trading at approximately 63,000 Hong Kong Dollars.
  • The young citizens are protesting against the law that would allow extradition to China.

Bitcoin has recently developed a minor premium in TideBit, a Hong Kong-based crypto exchange. Presently, one BTC is currently trading at approximately 63,000 Hong Kong Dollars ( $8,030). Since Bitcoin is trading at roughly $7,930 on global exchanges, it means that the premium is ranging between $100 and $120. 

HKD trading pairs are usually hard to come by because the citizens use the USD pairs for trading. However, because of the ongoing unrest in Hong Kong, it looks like it has led to some Bitcoin hedging. Currently, the youth of Hong Kong are protesting against the law that would allow extradition to China.

BBC reports:

“The opposition to the bill is widespread and comes from all sections of society, where people fear China’s justice system is deeply flawed and will lead to further erosion of Hong Kong’s judicial independence.” 

There has been a delay in the second reading of the bill accompanied by protesters demanding that it is dismissed. The Evening Standard, an English daily, reported: 

“The legislation has become a lightning rod for concerns about Beijing’s increasing control over the semi-autonomous territory.”


 

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