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

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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.

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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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. 

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Bitcoin [BTC] Mean on CoinMarketCap Overpriced Due to Hong-Kong Premium
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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.
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Author: Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com



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