Crypto trading spikes in Hong Kong amid protests

Crypto trading spikes in Hong Kong amid protests

Bitcoin, as well as other significant cryptocurrencies, traded slightly higher on Thursday in Asia. According to data, trading in digital coins spiked mostly in Hong Kong. Economists suggest that the reason for this is that traders may be seeking potential alternatives amid ongoing political unrest that rocked traditional financial markets.

Bitcoin last traded at $8,329 by 1:26 Am ET (05:26 GMT). Ethereum gained 2.1%, while XRP and Litecoin rose 1.0% and 0.6% respectively.

More than HK$12,294,796 ($1,567,525) worth of Bitcoin was exchanged in Hong Kong, surpassing the record of HK$11,666,176 reached in January 2018.

“I can’t help but feel that this could very well be a sign that some Hong Kong protesters see Bitcoin as a way to opt-out of the local economy, which is run by governments and financial institutions.” eToro analyst Matt Greenspan said in a blog post.