Once again, the price of the leading cryptocurrency failed to keep an upward momentum and dived below $8,000 mark. But CoinMarketCap showed a higher price than average. Hong-Kong-based exchange Bitforex reported a premium of $450. It seems like rising political turmoil in Hong-kong has increased the demand for bitcoin.
Earlier Hong-Kong protesters announced a run on Chinese banks where they tried to withdraw all their funds at the same time. BTC and other cryptocurrencies have been quite volatile this month. Several crypto experts had predicted that BTC might break its previous best this summer, but after showing a considerable spike, it retracted back to below $8,000. At the time of writing, BTC is changing hands at $7,820.
Hong-Kong was not the only country where the price of bitcoin was trading at a premium. China-based exchange Huobi recorded a low at $7,860, whereas it was around $7,780 on Binance and Coinabase. Exchanges in Argentina also reported a BTC premium earlier.