RATE Group | Bitcoin OTC Spike in Hong Kong Not Protest Related: Research
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Bitcoin OTC Spike in Hong Kong Not Protest Related: Research

05 Oct Bitcoin OTC Spike in Hong Kong Not Protest Related: Research

Posted at 09:05h in Bitcoin News by

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Misconstrued Narrative? Bitcoin Volume Spike in Hong Kong Purportedly Not Protest Related

Last weekend, Bitcoin data provider Coin.Dance printed a jaw-dropping stat. LocalBitcoins, a peer-to-peer, over-the-counter cryptocurrency trading service, was reported by the site to have seen its best week so far, transacting over $12 million Hong Kong ($1.5 million) worth of BTC in a seven-day timespan. As Bitcoin is far from a period of “exuberance”, the cryptocurrency community at large was shocked when they observed this metric.

But many were quick to draw lines between real-world events and Bitcoin. Due to the current political situation in the region (which dramatically escalated over recent weeks), many quipped that it was the raging protests that caused the spike in Bitcoin activity. While this may be partially true — there have been calls for locals to withdraw fiat from banks and shun financial institutions — a data scientist recently found that this may be untrue.

In an

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