Instability in international financial markets due to mass protests in Hong Kong...Cryptocurrency such as Bitcoin is on the Throne.

Analysts say Hong Kong, Asia's largest financial center, plunged into extreme chaos from protests led by more than 1 million people--despite its effort in creating an international financial center with more than 1,300 U.S. companies, investment banks, etc. However, Hong Kong may just be the biggest beneficiary from the cryptocurrency market.

The Chinese mainland index and Hong Kong markets plunged around real estate and financial relations at the heart of Hong Kong, paralyzing financial institutions, which led the Bank of Hong Kong (HSBC) to temporarily close.

The Hong Kong government still remains firm on its stance, even though it has a certain understanding of the public sentiment. Congress has announced that it will resume deliberations within a week.

The prolonged tension and confusion will certainly affect U.S.-China relations amid ongoing trade negotiations over the Huawei and trade sanctions tariffs. Hong Kong may also be a target of retaliatory measures against China.

Thus, these domestic uncertainties cast a dark shadow over the stock market, whereas the cryptocurrency market and Bitcoin businesses are believed to be a safe haven for assets.

Meanwhile, the Chinese yuan has fallen two percent compared to the US dollar in the last two weeks after the U.S.-China trade negotiations virtually broke down in May this year. In addition to retaliatory tariffs, Chinese President Xi Jinping said the yuan will depreciate as a counter-strategy. Although the value of the legal currency between the two countries is decreasing due to the trade war. As the old saying goes, "when two dogs fight for a bone, the third run away with it." Some says Bitcoin is on the throne. 

Reporter Gina Lee (news@dailycoinews.com)의 기사 더 보기

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