Bitcoin volumes in Hong Kong skyrocket via LocalBitcoins amid city-wide protests and unrest
October 2, 2019, 5:37AM EDT
1 min read
Hong Kong has seen a sharp increase in bitcoin (BTC) volumes in recent weeks as the city reels from protests and unrest.
Peer-to-peer (P2P) exchange LocalBitcoins recorded its third-highest weekly BTC volume at $1.42 million or 172.8 BTC in the last week.
Source: LocalBitcoins, The Block
The highest weekly BTC volume on LocalBitcoins was recorded in Dec. 2017 at $1.53 million, followed by $1.51 million in Jan. 2018.
Hong Kong has been witnessing the “worst unrest in more than 50 years” amid worsening political tensions. Protestors have been rallying since June when the general public started opposing a bill that could have allowed the extradition of those convicted of crimes to mainland China and Taiwan. The bill has been withdrawn, but the protests are still ongoing.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.