Amid the global cryptocurrency exchange Binance recovering from several halts of Bitcoin (BTC) withdrawals, its American arm, Binance.US, is selling BTC at a 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 was trading 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 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 ranged from $27,350 to $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.
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Author: Helen Partz