Bitcoin Trading Volume Reaches All-Time High In Hong Kong Amidst Raging Protests

October 7, 2019 / by Crypto.IQ

The political chaos in Hong Kong didn’t rest even on the 1st of October, the 70th anniversary of the People’s Republic of China. Even the abandoning of previous proposals to allow extradition to mainland China in June couldn’t end the protests. Amidst these raging protests, the trading volume for Bitcoin on P2P platform LocalBitcoins spiked to an all-time high during the last week.

The Unusual Spike In The Bitcoin Trading Volume

The crypto boom towards the end of 2017 and early in 2018 saw Bitcoin trading volume spiking up in Hong Kong. With the decrease in market’s value in the months to follow, the volume declined too. But if you look at the BTC trading volume on LocalBitcoins against the Hong Kong Dollar, it reached a new ATH last week. The latest high of around $12,300,000 has gone beyond the boom we saw in 2017/18.

The Hong Kong protests are an attempt to get more independence from mainland China. People are avoiding the use of pre-paid Octopus cards as they feel the apps they’re using might be monitoring them. So, Bitcoin turns out to be their go-to choice in this scenario due to the peer-to-peer nature of the crypto coin. Besides, it is also considered a payment option that offers anonymity, but that is not the case always. Even though there isn’t any KYC, all the transactions are done between certain Bitcoin addresses. And, if the address is associated with a person, so are the transactions.

The Situation In Hong Kong

October 1st, 2019 was a day to be celebrated being the 70th anniversary of the People’s Republic of China. But the situation quickly escalated with more than 20,000 active protestors showing up on the streets of Hong Kong. According to reports, a youngster received a bullet in his chest and there were 269 individuals arrested within a day.

Things seem to be going wrong with the ‘One Country, Two Systems’ mantra for operating Hong Kong and the mainland China. The former has a separate judiciary and legal system but its people have started turning against mainland China. A computer-network in China recently launched a cyber attack targeting a Telegram group that the protesters were using. Soon after, the police in Hong Kong arrested the admin of another Telegram group that comprised more than 20,000 members.

The Hong Kong protests are now taking a new shift towards the digital assets. Authorities and protestors are both using technology, too. As it seems, blockchain will be the next big thing and this latest spike in the BTC trading volumes in Hong Kong indicate that too.