Fear of mainland China control drives Hong Kong protesters to Bitcoin


  • Bitcoin premium prices likely to rise as fear continue to rise among Hong Kong residents.
  • The government has since suspended the proposed extradition bill but fear remains.

The ongoing protests against the controversial extradition law have culminated in premium Bitcoin price in Hong Kong. Bitcoin has been exchanging higher above the global average by $75 to $160 local exchanges like Tidebit. Moreover, experts say that premium could go up.

There is a proposed law by the Chinese authorities seeking to extradite all the citizens of Hong Kong to mainland China. According to most citizens, this law would impact greatly on the freedoms they currently enjoy due to the autonomous Hong Kong status.

The more than 2 million protestors asked for the resignation of Hong Kong’s CEO Carrie Lam in addition to the entire removal of the proposed law. While the government has said that the law will be suspended, most citizens still fear the increasing control from China.

An article by Reuters says that China implementing the proposed law could have the capacity to freeze assets that have been acquired in relation to crimes committed on the mainland and elsewhere. This has seen most wealthy residents moving funds to offshore accounts.

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

SafeMoon price eyes a pullback amid oversold conditions before next downswing kicks in

SafeMoon price brought an end to its ten-day-long range trade at lower levels, following a daily closing below the rising trendline support at $0.00000236 that validated a bear flag formation. RSI peeps into the oversold territory, warranting caution for the bears. Therefore, a rebound could be in the offing before SAFEMOON price resumes the next downswing. 

More SafeMoon News

Cardano price awaits acceptance above this key hurdle to initiate rally towards $1.45

Cardano awaits a range breakout from two key averages on the 12H chart. An impending bull cross and bullish RSI keep the ADA buyers hopeful. ADA price eyes a rally to 200-SMA at $1.4545 on a firm break above 100-SMA. 

More Cardano News

XLM price gearing up for a big move above $0.2870

Stellar price is alternating between gains and losses around $0.2800 so far this Saturday, looking out for a strong bullish catalyst to extend the recent uptrend. XLM price remains primed for a bullish breakout from the triangle above $0.2870.

More Stellar News

Ethereum Price Prediction: $2500 - a tough nut to crack for amid impending death cross

Ethereum’s daily chart shows that the price is lacking a follow-through upside momentum, as the bears are awaiting confirmation of a death cross formation. However, with the RSI still trending above the midline, the ETH buyers could defy the bearish warning. 

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP