Coming as the latest development from the Hong Kong crypto ecosystem, Bitcoin [BTC] has started trading at a premium in Hong Kong as continued political ambiguity generates an alleged impetus in purchasing pressure.
Data from Peer-to-Peer Bitcoin [BTC] exchange LocalBitcoins demonstrates traders paying around three hundred dollar more per pop as compared to any other geography on August 14. Essentially, this renders a premium of around two percent.
Argentina Bitcoin [BTC] Premium, Hong Kong Bitcoin [BTC] Premium and Localbitcoins
It is to be noted that Hong Kong is the most recent jurisdiction to see investors stump up an elevated implied US dollar price for the digital asset. Notably, Argentina is in a similar situation from last week.
As per the previous media reports, the premium there reached around one thousand dollars a pop on LocalBitcoins, at one instance. Conspicuously, it was allegedly tied to an abrupt fall down of the Argentine peso subsequent to a unforeseen crush of the in office president in the key elections.
Notably, both the events draw attention to an increasing tendency to treat Bitcoin [BTC] as a safe haven asset in times of fiat fickleness.
In the meanwhile, the spread between the price of Bitcoin [BTC] on South Korean and United States-based cryptocurrency and digital asset exchanges has vanished once again. Notably, it returned in the month of June and hit 16-months highs.
South Korea Bitcoin [BTC] Exchanges and Kimchi Premium
Interestingly, several local newspapers lately started to discern that Bitcoin [BTC] was back to trading lower in won terms. Moreover, on August 5, one of the country’s major publications, The Dong-a Ilbo reported that Bitcoin [BTC] was priced just over two percent higher in dollar markets than in won on South Korean cryptocurrency exchanges.
It is to be noted that the Dong-a Ilbo is of the opinion that the ending of the kimchi premium is eventually connected with the plunge of the Korean won. Furthermore, according to monthly chart, the Korean Won has lost around 3.52 % of its value against the USD, as per google finance.