Bitcoin [BTC] price took another bearish turn this weekend as price broke below $8000 once again. On popular crypto-exchanges like Bitfinex, Coinbase, and so on, it occurred around six times in the last ten days.

However, the same was not reflected on CoinMarketCap as the price trade about $100 higher than the mean on most exchanges. While it is not a rare occurrence for CMC to show different aggregate prices, but the variation is significant at the moment.

bitcoin bitforex
Top 5 Cryptocurrency Exchanges on CoinMarketCap (Source

Bitforex, a Hong-Kong based exchange, is reporting a premium of $450. The low of BTC recorded on Chinese based Exchanged like Huobi was also higher. The BTCUSDT low last day on Huobi was $7860, while on Binance, it was $7785. The price has found parity again, but there seems to be considerable rising interest from Hong-Kong.

Moreover, while the price of Bitcoin was bearish all around, there seems to be compelling evidence of Bitcoin trading at a premium in Hong-Kong. Local Bitcoins also recorded a massive spike in volume last week. It breached its All-Time High volume above $12 million on a weekly scale.

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hong kong trading volume
LocalBitcoins Bitcoin Trading Volume in Hong-Kong (Source)

The political tension in Hong Kong has risen to alarming proportions. It all started in June to protest against the extradition bill, which will empower the Chinese authorities to try victims from Hong-Kong in the mainland. The citizens of the city are fighting to keep their ‘one nation, two systems’ principle for the last four months.

Last week saw one of the most violent protests and government backlash, as even an emergency proclamation could not ease the unrest.

Bitcoin [BTC] and the crypto markets are reeling under selling pressures to lack of adoption at the moment. Bitcoin attained a ‘safe haven‘ rhetoric this summer, however, the interest from investors seems to have dried to out. It is evident in the low trading volumes of exchanges and even platforms like Bakkt.

Nevertheless, the political unrest in Hong-Kong has seen the Chinese Government drying out liquidity from the city. During such movements, Bitcoin’s decentralized ideology fits perfectly with the citizens of the city.

Due to think Bitcoin will be able to provide financial freedom to the citizens if Hong-Kong? Please share your views with us. 

Summary

Bitcoin [BTC] Mean on CoinMarketCap Overpriced Due to Hong-Kong Premium

Article Name

Bitcoin [BTC] Mean on CoinMarketCap Overpriced Due to Hong-Kong Premium

Description

Bitcoin [BTC] price took another bearish turn this weekend as price broke below $8000 once again. On popular crypto-exchanges like Bitfinex, Coinbase, and so on, it occurred around six times in the last ten days.

Author

Nivesh Rustgi

Publisher Name

CoinGape

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cryptocoach

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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