Analyst Says Bitcoin Traded with a $150+ Premium In Hong Kong Due to Protests
- Bitcoin is traded at a $100 premium in Hong Kong
- There are different Asian markets registering premium prices for Bitcoin
Bitcoin (BTC) has been growing during the last few days and it has surpassed its highest price level in more than a year. However, there are countries that are experiencing some distortions in the price of the most popular digital asset.
For example, Mati Greenspan, eToro’s senior market analyst, said that the virtual currency is being traded at a premium of over $100 in Hong Kong.
Is Bitcoin Being Traded At a Premium in Hong Kong?
According to Mati Greenspan, Bitcoin is currently being traded at a premium of about $160 in Hong Kong on the TideBit exchange.
As he explained, Bitcoin is being traded for 73,120 HKD, or $9337, $159 more than what Coindesk was currently offering as a price reference.
Bitcoin is trading at a premium of about $160 in Hong Kong.
Pictured is the HK exchange TideBit where a single BTC is going for 73,120 HKD ($9337). A total of $159 above Coindesk's current rate.
This is where the safe haven play comes in. pic.twitter.com/HNZWQkJ61j
— Mati Greenspan (@MatiGreenspan) June 17, 2019
He suggests that this could be a signal of high demand for Bitcoin in the city-state. Hong Kong has been in the center of the media due to the largest protests since 1997. Millions of individuals went to the streets and demonstrated against a controversial extradition law with China.
As reported by Reuters a few days ago, elites started moving their funds abroad due to concerns about this extradition law. Back in 2018, Credit Suisse released a report in which they informed that the number of Hong Kong’s individuals with over $100 million grew to 853. The population of the city-state is currently on the streets defending the legal and judicial system that helped the nation become an international finance hub.
The public and the police have clashed in confrontations because protestors want the bill to be completely eliminated rather than just suspended to be debated in the future. Some protestors have also requested Hing Kong’s leader Carrie Lam to resign due to these issues.
It is worth mentioning that there are other currencies in the region that are experiencing similar issues with Bitcoin. As we wrote a few days ago, in Japan, South Korea and China, the premium could reach as much as 5%.
The report released by Binance Research reads as follows:
“The “Kimichi Premium” returns, the price of Bitcoin (BTC/KRW) in South Korean exchange Bithumb has recently seen premiums of up to 5% to that of BTC/USD spot price, reaching its highest level in 7 months.”
At the time of writing this article, Bitcoin is being traded around $9325 and it has a market capitalization of over $165 billion. In the last 24 hours, Bitcoin surged 3.76%.
Bitcoin’s price is $49,719.67 BTC/USD exchange rate today. The real-time BTC market cap of $926.88 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $20.72 Billion and live coin value change of BTC 8.74 in the last 24 hours.