Bitcoin (BTC) is currently trading at a significant discount on Binance US, providing a significantly better rate than global spot prices. However, there is a catch. The discount is only available for users who have already deposited USD into their Binance.US accounts. New USD deposits have been suspended since June 9, 2023. This means that most investors will not be able to take advantage of the discount.
The discount is likely due to a combination of factors, including the recent sell-off in the cryptocurrency market and the suspension of new USD deposits. The sell-off has caused the price of BTC to decline, while the suspension of new USD deposits has reduced the demand for BTC on Binance US
Bitcoin and Ethereum Trading at Discounts on Binance US
Bitcoin (BTC) is currently trading at a discount of around 8.5% on Binance.US, compared to global spot USD prices. At the time of writing, BTC is trading for $27,536 on Binance.US, while global spot prices are at $30,106.
Ethereum (ETH) is also trading at a discount on Binance US, at around $200 cheaper than global spot prices. ETH is currently trading for $1,695 on Binance US, while global spot prices are at $1,895. Some stablecoins are also trading below their pegs on Binance US. Tether (USDT), which is supposed to be pegged to the US dollar, is trading at $0.915 on the exchange.
The reasons for these discounts are not yet clear, but they may be due to a combination of factors, including the recent sell-off in the cryptocurrency market and the suspension of new USD deposits on Binance US.
The discount is currently around 8.5%, which means that BTC is trading at $27,536 on Binance.US compared to $30,106 on global spot markets. This represents a significant opportunity for arbitrageurs, who can buy BTC on Binance US and sell it on global spot markets for a profit.
However, it is important to note that the discount is only available for a limited time. Binance US has not announced when it will resume new USD deposits, so the discount could disappear at any time.
Investors who are considering taking advantage of the discount should carefully consider the risks involved. The discount is significant, but it is also temporary. Additionally, the suspension of new USD deposits could make it difficult to sell BTC on Binance US if the price of BTC were to rise.