- 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.”
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.