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Bitcoin price overvalued on CoinMarketCap despite the bear market. – Crypto News Coinnounce


After trading around $8,400 last week, bitcoin once again dived below $8,000 over the weekend. But the leading cryptocurrency was trading at a premium of $450 on a Hong-Kong exchange. The low was recorded at $7,785 on Binance and $7,860 on Chinese based exchange Huobi. LocalBitcoins also recorded a massive spike in its volume last week.The price traded $100 higher than average on most exchanges

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.

Disclaimer: Coinnounce’s views are not necessarily reflected in the articles published, and they are the sole representation of the author’s opinions.
Article’s information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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