Bitcoin Price Discrepancy: Binance.US Traders Eye $3,000 Discount to Global Spot Prices

Bitcoin Price Discrepancy: Binance.US Traders Eye $3,000 Discount to Global Spot Prices

Title: Cryptocurrency trading on Binance.US – Falling prices for Bitcoin and Ethereum are causing a stir

Introduction:
The cryptocurrency market is once again showing an interesting price discrepancy, this time on the US crypto exchange Binance.US. Users have noticed that Bitcoin and Ethereum are trading at lower prices than on other platforms, leading to speculation that trading volumes may be decoupled. As a result, the lower valuation of BTC and other cryptocurrencies is attracting investors’ attention.

Price fluctuations compared to global spot prices:
On Binance.US, Bitcoin is currently trading at just over $27,500. This represents a price discrepancy of almost $3,000 compared to global spot prices. Ethereum is trading at a price lower by $200 on the same platform and is currently trading at $1,695. Even stablecoins like USDT are trading at $0.915, which is lower than their peg price.

Trading Restrictions on Binance.US:
It is important to note that the discounted prices only apply to trading cryptocurrencies against fiat USD on the platform. As of June 9, Binance.US users have not been able to deposit new US dollars into their accounts. This means that only existing USD balances can be used to purchase cryptocurrencies at discounted prices. There are also concerns that Binance.US may soon stop USD withdrawals, prompting users to sell their cryptocurrencies at lower prices to convert their positions into USD and exit the platform.

Similarity to Binance’s Australian branch:
The current incident on Binance.US is reminiscent of an earlier incident at Binance’s Australian branch. There, the price of Bitcoin fell by 20% compared to global spot prices when trading with the Australian dollar. An email shared on Twitter informed Binance.US customers that the last day for USD withdrawals will be July 20, highlighting the similarities between the two cases.

Conclusion:
The price discrepancy on Binance.US is causing a stir among crypto users. The reduced price of Bitcoin and Ethereum compared to global spot prices raises questions about trading integrity. The trading restrictions and possible suspension of USD withdrawals add to user concerns. It remains to be seen how this situation will develop and whether further steps will be taken by the platform to restore user trust.