•   
  •   
  •   

TechnologyBitcoin Draws Premium in Argentina and Hong Kong Amid Sell-Off

00:36  14 august  2019
00:36  14 august  2019 Source:   msn.com

Bitcoin Is Posting Biggest Weekly Decline Since November

Bitcoin Is Posting Biggest Weekly Decline Since November Bitcoin’s having its worst week this year, and the rest of the cryptocurrency market isn’t doing much better. The world’s largest digital asset fell about 15% this week to around $10,145, the biggest five-day slide since November. The Bloomberg Galaxy Crypto Index has slumped about 12%, only the worst drop in four weeks. “People thought at certain points in the last year or so that cryptocurrencies would become the flight to safety trade,” said Matt Maley, an equity strategist at Miller Tabak + Co. “The cryptocurrency is losing some of that luster of being considered a safe asset.

The premiums would seem to support the argument that Bitcoin is a means of protecting assets from plunges in local currencies and authoritarianism. For comparison, the Argentine peso is down 32% versus the dollar in 2019, according to data compiled by Bloomberg. Argentines want to protect

The turmoil in Argentina and Hong Kong is prompting local investors to pay a premium for Bitcoin , with the leading cryptocurrency proving to be less In Argentina , where the peso plunged on election uncertainty, Bitcoin was recently trading for as much as ,000 on LocalBitcoins.com, a peer-topeer

(Bloomberg) -- The turmoil in Argentina and Hong Kong is prompting local investors to pay a premium for Bitcoin, with the leading cryptocurrency proving to be less of a refuge for everyone else than advertised.

In Argentina, where the peso plunged on election uncertainty, Bitcoin was recently trading for as much as $12,000 on LocalBitcoins.com, a peer-to-peer platform, or 10% higher than on many international crypto exchanges. The token was trading at about a 4% premium in Hong Kong, where continued anti-government protests are raising fears of retaliation.

“Bitcoin is becoming the asset of last resort in areas of extreme currency devaluation and political uncertainty," said Rayne Steinberg, chief executive officer at Los Angeles-based crypto hedge fund Arca. “In the last week alone, Bitcoin is up approximately 50% against the Argentine peso and trading at a significant premium on local exchanges. And they are not alone, joining the ranks of Venezuela, Hong Kong and Turkey who have also experienced similar shocks.”

2 Hong Kong protesters charged under mask ban

  2 Hong Kong protesters charged under mask ban Two protestors were charged Monday in the first violations of Hong Kong's new ban on wearing masks at rallies, the Associated Press reported.An 18-year-old student and a 38-year-old woman were the first to be prosecuted under the ban, which was instituted by Hong Kong chief executive Carrie Lam on Friday using emergency powers.The two were detained Saturday shortly after the ban's implementation. An 18-year-old student and a 38-year-old woman were the first to be prosecuted under the ban, which was instituted by Hong Kong chief executive Carrie Lam on Friday using emergency powers.

(Bloomberg) -- The turmoil in Argentina and Hong Kong is prompting local investors to pay a premium for Bitcoin , with the leading cryptocurrency proving to be The token was trading at about a 4% premium in Hong Kong , where continued anti-government protests are raising fears of retaliation.

The selloff in Argentina and Hong Kong has promoted local investors to pay premiums as large as 10 percent for Bitcoin , Bloomberg reports. This has also been the case in Hong Kong , as the speculations to the government’s reaction to the continued anti-government protests have severely

The premiums would seem to support the argument that Bitcoin is a means of protecting assets from plunges in local currencies and authoritarianism. Even so, the cryptocurrency has tumbled about 8% to around $10,890 this week, increasing the risk for investors in troubled nations of moving from one volatile asset to another.

Bitcoin Draws Premium in Argentina and Hong Kong Amid Sell-Off© Bloomberg Bitcoin Takes Downward Turn

In the past month many advocates have been pointing to the increased negative correlation with U.S. equities as proof that investors were turning to Bitcoin as a haven. That narrative proved to unravel this week as the inverse relationship broke down.

Bitcoin remains volatile, more than doubling this year after tumbling 73% in 2018. For comparison, the Argentine peso is down 32% versus the dollar in 2019, according to data compiled by Bloomberg.

Hong Kong leader says extradition bill is dead after mass protests

Hong Kong leader says extradition bill is dead after mass protests Hong Kong leader Carrie Lam said on Tuesday the extradition bill that sparked the territory's biggest political crisis in decades was dead, admitting that the government's work on the bill had been a "total failure". The bill, which would have allowed people in Hong Kong to be sent to mainland China to face trial, sparked huge and at times violent street protests and plunged the former British colony into turmoil. In mid-June Lam responded to huge protests by suspending the bill, but that move failed to mollify critics, who continued to demonstrate against the bill and call for Lam's resignation.

Picture: Bloomberg. The turmoil in Argentina and Hong Kong is prompting local investors to pay a premium for Bitcoin , with the leading cryptocurrency proving In Argentina , where the peso plunged on election uncertainty, Bitcoin was recently trading for as much as 000 on LocalBitcoins.com, a

Continuing protests in Hong Kong brought to an increased Bitcoin trading price in the city. BTC got 4% higher than common global price. Rayne Steinberg, leading executive officer at LA-based crypto hedge fund Arca, commented on this: “ Bitcoin is an asset of last resort in the cases when currency is

Argentines want to protect themselves against the peso losing value versus the dollar," Alex Kruger, a crypto trader, said in a Tweet yesterday. "And for that, they buy dollars."

To contact the reporter on this story: Olga Kharif in Portland at okharif@bloomberg.net

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave Liedtka, Rita Nazareth

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

Read More

Apple pulls HKmap.live app used in Hong Kong protests .
The move comes after pressure from China.Apple said it removed the app after learning it has been used in ways that put law enforcement and residents in Hong Kong in danger.

—   Share news in the SOC. Networks

Topical videos:

usr: 1
This is interesting!