Today, on August 14, Hong Kong stock exchanges started selling Bitcoins at $300 higher than the average market price. Such a jump in the exchange rate is presumably caused by unstable monetary policy in the country and the weakening of the national currency.
Hong Kong: Bitcoin exchange rate is above average
According to a Hong Kong-based exchange, LocalBitcoins, the value of the first cryptocurrency has increased by more than $300 compared to the market rate. It can be assumed that such a price is caused by the domestic economic conditions of the country, since political uncertainty persists in Hong Kong, provoking a surge in demand for digital currencies.
The 2% increase in the exchange rate, in contrast with other cities of the world, is also supported by the boost in the volume of tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details on the stock exchange, which increased by more than 10% compared to yesterday's indicators. By the way, Argentina observed an almost identical situation yesterday, when Bitcoin increased by 4% compared to the average rate due to the fall of the national peso by 30%.
Bitcoin today shows a downward trend in the world market. The rate dropped below $11,000, which indicates bearish sentiment and breakdown of the support line.
In Hong Kong, the Bitcoin exchange rate is $300 higher than worldwide. Let us remind you that on August 13, Bitcoin’s value increased by 4% on the large Argentinian exchange Buenbit, as compared to other world exchanges. Most likely, the growth of the first cryptocurrency is related to the current situation with the peso, which fell by 30% yesterday.
Editor: Jerg Wos