Bitcoin volumes in Hong Kong skyrocket via LocalBitcoins amid city-wide protests and unrest

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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 The bill has been withdrawn, but the protests are still ongoing.

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May 5, 2022, 3:17PM UTC
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