Bitcoin, Ethereum, USDT Trade At Discount On BinanceUS, Arbitrage Opportunity Or Trap?
Cryptocurrencies on Binance’s US-based crypto exchange Binance.US trade at a discount, what the crypto community calls a “crypto depeg”. Top cryptocurrencies Bitcoin and Ethereum are trading at $27,500 and $1700 respectively, a discount of $3000 and $200 from global spot prices.
Meanwhile, USDT remains depeg to USD at $0.91 following the US SEC lawsuit and USD deposits and withdrawals suspension. Other altcoins are also available at a discount on the crypto exchange.
BTC and ETH prices jumped 2% on Binance.US as traders move to take an arbitrage opportunity, which means buying at low prices and selling at higher prices on another exchange. While it seems a better arbitrage opportunity, it can only be used by people having USD on Binance.US as deposits remain suspended for nearly a month.
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The crypto community has raised concerns over the future of Binance.US as most executives are exiting the crypto exchange.
Veteran trader Peter Brandt also noted the USDT depeg on Binance.US, blaming Binance CEO “CZ” and referring to it as the “scam of the decade.” He said the same exchange approved BTC sell orders at $8000 when it was trading at $60,000 on other crypto exchanges. He believes the community needs to question CZ about this.
The bubble is popping. Amazing that #cryptonerds who verbally debase $USD hold assets via $USDT via @cz_binance scam of the decade pic.twitter.com/z0H6gspLeo
— Peter Brandt (@PeterLBrandt) July 10, 2023
Adam Cochran also warned the community about trading on Binance.US and criticized Binance CEO “CZ” for market uncertainty as the US DOJ prepares to bring action against the exchange.
“All you Binance simps that believe CZ is a god who would never let you down, can deposit into Binance US and get cheap coins any time you want.”
In addition, the crypto market currently facing liquidity issues with investors continuing to hold and balance on exchanges hit lows. Global exchanges such as Binance and Coinbase are using several strategies and promotions to increase liquidity in the market. The last date for USD withdrawals on Binance.US is July 20.
Also Read: Shiba Inu Layer-2 Shibarium Release Fuels BONE Price 35% Rally, Eyes $3 In Weeks
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