Technology: Bitcoin Draws Premium in Argentina and Hong Kong Amid Sell-Off - PressFrom - US

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

00:36  14 august  2019
00:36  14 august  2019 Source:

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.

Bitcoin has developed a slight premium in one of Hong Kong ’s crypto exchange TideBit where one BTC is currently trading at circa 63,000 Hong Kong Dollars (HKD), worth about ,030. While on global exchanges bitcoin is at about ,930 at the time of writing, with a premium of between 0 and

Bitcoin Sees Seeming Uptick in Adoption in Hong Kong . Throughout its short history, Bitcoin (BTC) has been seen as anything but centralized, sovereign, and censorable. The crypto asset was created by a pseudonymous individual, is secured by a global group of miners, and is backed by no government

(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, 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.”

China rejects US Navy request for Hong Kong port visits amid protests

China rejects US Navy request for Hong Kong port visits amid protests Amid ongoing unrest in Hong Kong, Chinese officials have rejected a US request to have two US Navy ships make port visits there in the coming weeks. "The Chinese Government denied requests for port visits to Hong Kong by the USS Green Bay and USS Lake Erie, which were scheduled to arrive in the next few weeks," Cmdr. Nate Christensen, the deputy spokesman for the US Navy's Pacific Fleet, told CNN in a statement on Tuesday. The amphibious transport dock ship USS Green Bay was scheduled to visit Hong Kong on August 17 and the guided missile-cruiser USS Lake Erie was scheduled to visit next month.

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Bitcoin is a bit more expensive in Argentina than global prices, trading at a premium of about 0, up from a premium of about 0 back in May. Ripio and ArgentBTC, both more of a broker, also have this 0 premium , suggesting there’s higher demand for bitcoin in Argentina and not enough

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 Protests Drive Surge in Telegram Chat App

Hong Kong Protests Drive Surge in Telegram Chat App First-time users of Telegram surged in Hong Kong after protesters flocked to the popular chat app during the months-long demonstrations that gripped the city, new data from Sensor Tower shows. Telegram gained about 110,000 new users in Hong Kong in July across the Apple App Store and Google Play. First-time installs more than quadrupled, pushing the app to the city’s seventh-most downloaded last month from No. 88 a year earlier, the mobile data provider said. In total, Telegram has been installed 1.7 million times in Hong Kong and 365 million globally.

Hong Kong has been bustling with Bitcoin activity ever since China decided to clamp down on cryptocurrencies, with several exchanges moving their base from the mainland to this autonomous territory. More importantly, Hong Kong is known for being a non-interventionist regime

Bitcoin Calculator. Most of the damage was done at the opening bell, with protests in Hong Kong , a shocking vote in Argentina , and Jeffrey Epstein fallout adding to a potent soup of bearish news for global More problems for the Dow emerged as another populist domino fell, this time in Argentina .

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 [email protected]

To contact the editors responsible for this story: Jeremy Herron at [email protected], Dave Liedtka, Rita Nazareth

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©2019 Bloomberg L.P.

British government welcomes China's release of Hong Kong consulate employee.
British government welcomes China's release of Hong Kong consulate employee

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