Bitcoin price follows slide in Asia equity markets amid growing China protests against Covid-19 lockdowns
Bitcoin and Ether fell around 9 a.m. in Hong Kong in line with declines in Hong Kong and other Asia equity markets on concerns about civil unrest in China over the weekend that spread to at least eight cities in protests against Covid-19 lockdowns and developed into rare public display of opposition to the ruling Communist Party.
Bitcoin fell 2.2% to US$16,095 by 10 a.m. before recovering slightly, while Ether fell 2.8% to US$1,162, according to CoinMarketCap.
By midday in Asia, most top 10 non-stablecoin cryptocurrencies by market capitalization had fallen, with leading memecoin Dogecoin the only gainer.
The Hang Seng Index tumbled 4% at the opening and recently traded off 2%, while the Shanghai Composite Index fell 1%. Japan’s Nikkei 225 Index lost 0.6%.
The protests in China erupted on Friday following a fire that claimed the lives of at least 10 people in an apartment building in Urumqi in the north-western region of Xinjiang where many people had been locked inside their homes due to China’s zero-covid policy and unable to escape.
Hundreds of protestors clashed with police in Shanghai, Reuters reported, adding that the protests are the most widespread sign of discontent towards the government since President Xi Jinping took power 10 years ago.
Protestors in Shanghai were confirmed by the Associated Press to be shouting: “Xi Jinping! Step down! CCP! Step down!”