On Binance, Bitcoin is selling for just over $27,500.US, a discount of roughly $3,000 compared to global spot prices.
Bitcoin is available at a discount of nearly $3,000 on Binance.US, which is substantially better than global spot prices; however, there is one catch.
On July 9, many crypto users observed a widening price disparity between cryptocurrencies listed on U.S. crypto exchanges and their global spot prices, with many referring to this phenomenon as a “depeg” of cryptocurrencies.
Bitcoin is trading at $27,536 against the U.S. dollar on the exchange, representing a discount of approximately 8.5% compared to global spot USD prices of $30,106 at the time of writing.
Other cryptocurrencies also trade at a discount relative to the U.S. dollar. On Binance, Ethereum prices are approximately $200 cheaper. When writing, the U.S. dollar was worth $1,695 per unit. On the exchange, some stablecoins, including USDT, traded below their respective prices, with Tether at $0.915.
WOAH. Bitcoin is trading at $26,970 on binance US vs it’s $30,300 (real price)
Ethereum is $200 lower than normal
USDT is at 0.889 cents 🤯 pic.twitter.com/LgKeMEDZQv
— borovik.eth (@3orovik) July 9, 2023Although crypto discounts appear alluring to arbitragers, most investors need help to take advantage of them. This is because the discount only applies when a cryptocurrency is exchanged for USD fiat on a cryptocurrency exchange.
The issue is with Binance. Since the platform’s suspension on June 9, U.S. users have been unable to deposit new U.S. dollars. This effectively means that the discounted cryptocurrencies can only be purchased with USD already in the account before the suspensions.
Worries about Binance.The fact that the United States will shortly prohibit USD withdrawals has also prompted some users to trade their cryptocurrencies below market value to liquidate their USD positions.
According to a Twitter-circulated communication from Binance.US to customers, the last day for USD withdrawals will be July 20. Bitcoin prices on Binance are related.US crypto exchange with a premium of $700
In late May, the Australian branch of Binance experienced a comparable situation involving the Australian dollar when the company’s third-party payments provider shut down fiat on and off ramps. Compared to global spot prices, the price of Bitcoin on Binance fell 20% when traded against the Australian currency.
