Thursday, 20 June 2024

Crypto News

Bitcoin priced at Binance.US crypto exchange at $700 premium

Bitcoin priced at Binance.US crypto exchange at $700 premium

Amid the global cryptocurrency exchange Binance recovering from several halts of Bitcoin (BTC) withdrawals, its American arm Binance.US is selling BTC at premium.

The price of Bitcoin on Binance.US is $700 more expensive than the cryptocurrency’s market price on May 9. At the time of writing, or around 1:30 am UTC, Bitcoin is traded at $28,393, according to data from Binance.US Bitcoin page.

Bitcoin price on Binance.US on May 9, 2023. Source: Binance.US

According to data from CoinGecko and CoinMarketCap, the current market price of Bitcoin amounts to $27,722, which is roughly 2% less than the Bitcoin’s price quoted on Binance.US.

The highest intraday price of Bitcoin on Binance.US amounted to as much as $28,600, while the intraday high for its market price only equaled $28,004. In the meantime, Bitcoin’s lowest intraday values spans from the market value of $27,350 and $27,669 on Binance.US.

Related: Binance halts Bitcoin withdrawals for the second time in 12 hours

Binance.US’ Bitcoin premium comes shortly after Binance, the main global exchange, suffered major withdrawal issues on May 7.

The exchange was forced to close withdrawals amid Bitcoin facing unusual mempool congestion, with more than 400,000 transactions getting stuck on the Bitcoin blockchain. The event apparently triggered Binance to finally consider the addition of the Lightning Network on its platform, which is designed to speed up BTC transactions and make them less expensive.

Magazine: Asia Express: Justin Sun’s SUI-farming sins, PEPE’s wild run, 3AC’s oyster philosophy