Bitcoin has been largely unbothered by the Hong Kong market crash this week. Analysts believe there is little contagion as the Hong Kong crash is driven by regulatory factors not macroeconomic ones. By thesamreynolds
Hong Kong's Exchange Square, home of the Hong Kong Exchange
The price of bitcoin seems to be fairly unaffected by the market volatility and is nearly flat over the last week. At the time of writing, bitcoin was trading at $38,804, up 0.5% in the last 24 hours,Flora Li, Huobi Research Institute Director, told CoinDesk that this market volatility was largely driven by regulatory developments in China and the U.S., and is unrelated to broader macroeconomic factors which is why it has not impacted the crypto market.
Even though Hong Kong’s market decline is regulatory and not macro-driven, some investors are looking down the near term time horizon and urging caution. Andrew Bakst, CIO of Bizantine Capital, told CoinDesk that he sees a fragile global economy that needs to break first before it can come back stronger.
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