Due to mass protests and reports of the pulling of Chinese forces to the borders of Hong Kong, the rate of the main cryptocurrency on the LocalBitcoins exchange exceeded the average market figure by $300.
Recall that mass protests and conflicts with police in Hong Kong continue throughout the summer. The reason for these mass demonstrations was the proposed changes to the law on extradition to mainland China. These innovations would help the Chinese authorities to prosecute political refugees. But then the protesters expanded their demands and added to their list the maintenance of autonomy and the introduction of democratic reforms.
Recall that last week the protests caused a real transport collapse and this Monday the Hong Kong airport (HKIA) canceled all flights, which greatly complicated the lives of those who were planning to leave the city. Today, the court allowed to restrict the sit-down protests in the territory of HKIA and some flights were given permission to fly.
At the same time, people’s concern is only growing, especially amid rumors about the movements of the PRC troops near the border with Hong Kong. This information spread on social networks and was then confirmed by US President Donald Trump.
The situation in Hong Kong is another proof that people tend to use BTC as a defensive asset in times of political and economic instability.