Bitcoin is selling for $27,500 on Binance, which is a lower price than the global market rate. The crypto users noticed this discrepancy which is apparent between the prices of the cryptocurrencies listed in the US crypto exchange and that of Bitcoin. Many traders are calling this variance in price “depeg” of cryptocurrencies. Bitcoin is currently down about 8.5% from the standard worldwide USD pricing of $30,106 on the market, as it is trading for $27,536 which is quite less than the US dollar.
Some of the other cryptocurrencies are also selling at a lower rate compared to the standard US dollar price. Ethereum price is $200 cheaper on Binance, selling for $1,695. Tether is also trading at a lower price of $0.915 on this platform.
Although the crypto discounts might seem tempting to an arbitrager, the majority of the investors will not be able to benefit from them. The reason behind this is that the discount will be effective when a cryptocurrency is traded on an exchange against US dollars.
Will The Lower Price Of Bitcoins Benefit The Investors?
The traders on Binance have not been able to deposit USD since when the platform was suspended. This implies that the discounted money can only be retrieved with the remaining US dollar in the account. Some users have traded their cryptocurrencies below market rate to unwind their investments as a result of the US’ imminent ban on USD withdrawals. Binance has announced via email to the customers, which has also been circulated on Twitter, that the deadline for USD withdrawals is July 20.