|

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.

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Editor's Picks

Ripple remains under pressure as licensing operations expand across Europe

XRP lags behind other crypto majors, declining for the second consecutive day on Thursday. Ripple secures preliminary approval for an Electronic Money Institution license from the CSSF, Luxembourg's financial regulator.

Crypto Today: Bitcoin, Ethereum, XRP rally stalls despite ETF inflows boosting investor optimism

Bitcoin holds above the 100-day EMA after correcting from the previous day’s high amid surging ETF inflows. Ethereum posts a minor correction on Thursday after a notable bullish move above $3,400, reflecting potential profit-taking.

Bitcoin steadies above $96,000 as ETF inflow surges, derivatives suggest further rally

Bitcoin price holds above $96,000 on Thursday after hitting a nearly two-month high at $97,800 the previous day. The bullish price action in BTC is further supported by rising institutional demand, as evidenced by three consecutive days of inflows into spot ETFs this week. 

Monero risks deeper correction as rally fatigues at $800 record high

Monero (XMR) edges lower on Thursday, holding around $700 at the time of writing as the rally cools off after reaching a record high of $800 on the previous day, signaling a potential cycle top. 

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Early-2026 rally falters as BTC investors await key catalyst

Bitcoin (BTC) is trading lower toward $90,000 on Friday after encountering rejection at a key resistance zone. The price pullback in BTC is supported by fading institutional demand, as spot Exchange Traded Funds (ETFs) have recorded net outflows so far this week.