Bitcoin trading volumes in Hong Kong continue to climb amidst the ongoing unrest and city-wide protesting.
According to the peer-to-peer exchange LocalBitcoins, bitcoin trading volume in the city of Hong Kong has experienced a sharp increase since the protesting began earlier in the year. In particular, BTC volume sky-rocketed over the past week, despite the uncertain prices for bitcoin.
LocalBitcoins generated its third-highest weekly bitcoin trading volume last week, moving more than 172.8 BTC ($1.42 million) against the Hong Kong dollar. The last time the platform experienced such a high volume for BTC was during the bull run at the end of 2017, peaking at $1.53 million in Dec. 2017 followed by $1.51 million in Jan. 2018.
Protests have continued to engulf the city of Hong Kong since officially beginning back in March. Since then, millions of Hong Kong citizens have participated in the movement, which is aimed at generating greater sovereignty from mainland China.
In August, it was reported that Hong Kong traders were paying a $300 or more premium on bitcoin in order to obtain the crypto-asset. Amidst the unrest, citizens have turned to crypto as a hedge against fiat.
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