October 4, 2019 by Clementine
Diving in a socio-political crisis without precedent, for weeks now, Hong Kong would have recorded flow variety of preposterous figures in terms of exchange of Bitcoin (BTC). According to figures from LocalBitcoins, a crypto-stock exchange otc, based in Helsinki, the weekly volume would have nudged the 1.42 million dollars, a result that is close to its record high of 2017, which was $ 1.53 million.
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No break for the crypto-currency in Hong Kong
While in hong Kong continue their demands for dissolving the interference of the mainland China, the business seems to operate for users of crypto-currencies. According to the figures reported by LocalBitcoins, a trading platform for digital assets locally, the weekly volume of BTC registered have reached 1.42 million dollars, which is 9 points less than the record of 2017, which was $ 1.53 million.
Following the report of the platform, a few 172,8 BTC have been moved in a week, and this, in spite of the economic downturn and the political upheaval in Hong Kong. Moreover, this jump follows a paradoxical logic, in the sense that the BTC has lost almost 13% of its value during the month of September.
A relationship with the crisis ?
The interpretation of the growth of the trading volume of BTC in LocalBitcoins divides many observers. While some advocate the BTC as a lever of the revolution led by hong Kong people, others believe that the increase in trading has nothing to do with the crisis.
Note that between China and Hong Kong, a divergence of position is established as to the recognition of crypto-currencies. China is notably more conservative in terms of monetary policy, and does not seem to welcome the crypto-currency as a useful solution to its economy, while Hong Kong has become one of the countries most enthusiastic about its use.
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Clementine
Passionate about the universe geek, Clementine finds the news more interesting and involved in their drafting.