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

Bitcoin • October 2, 2019, 5:37AM EDT

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 The bill has been withdrawn, but the protests are still ongoing.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.