Bitcoin Price Unaffected by Hang Seng Crisis in Hong Kong
The Hong Kong stock market suffered its worst day since 2008 this week. The Hang Seng China Enterprises Index (HSCEI), an index of mainland Chinese companies listed in Hong Kong, closed down 7% on Monday and down another 4% by mid-day Tuesday.
The price of Bitcoin (BTC) seems to be largely unaffected by market volatility and has barely changed over the last week. At the time of writing, Bitcoin is trading at $38 817, up 0.3% over the past 24 hours, according to CoinGecko.
According to Flora Li, director of the Huobi Research Institute, market volatility was largely driven by regulatory developments in China and the United States and is not related to broader macroeconomic factors, so it did not affect the cryptocurrency market.