Binance.US Sells Bitcoin at Premium Amid Parent Company's Recovery
As of May 9, Bitcoin on Binance.US is $700 more expensive than market price due to Binance's withdrawal issues.
Wed, 10 May 2023, 16:00 pm UTC
Binance.US is selling bitcoin at a premium while its parent company, Binance, recovers from multiple halts of bitcoin withdrawals worldwide. As of May 9, the price of bitcoin on Binance.US was $700 more expensive than the cryptocurrency's market price.
According to Binance.US bitcoin page data at 1:30 am UTC, bitcoin was trading at $28,393. Meanwhile, CoinGecko and CoinMarketCap data show that the current market price of bitcoin is $27,722, approximately 2% less than bitcoin's price quoted on Binance.US.
On Binance.US, bitcoin's highest intraday price reached $28,600, while the intraday high for its market price was only $28,004. Bitcoin's lowest intraday values ranged from $27,350 to $27,669 on Binance.US.
Binance.US' bitcoin premium comes after Binance experienced significant withdrawal issues on May 7. The global exchange was forced to halt withdrawals due to unusual mempool congestion, with over 400,000 transactions stuck on the bitcoin blockchain.
The incident prompted Binance to consider adding the Lightning Network to its platform, which would speed up bitcoin transactions and reduce their cost.
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