Recently, the crypto community has discovered that the Bitcoin price on Binance.US is higher than the market average.
According to CoinDesk, the price of Bitcoin on Binance.US, a subsidiary of Binance in the US, is $650-700 USD higher than the market price. At the time of writing, Bitcoin is trading at $28,393, according to data from Binance.US. However, data from CoinGecko and CoinMarketCap shows that the price of Bitcoin is currently $27,722. This is about 2% lower than the Bitcoin price listed on Binance.US.
Bitcoin price difference between Binance.US and Coinbase (left) and between Binance.US and Binance (right). Source: CoinDesk.
Bitcoin's intraday high price on Binance.US amounted to $28,600, while Bitcoin's intraday high in the market was $28,004. The lowest Bitcoin price of the day on Binance.US ranged from $27,350 to $27,669.
The community also discovered that the USDT price on Binance.US is about 3% different from other stablecoins.
USDT price on Binance.US is about 3% difference compared to other stablecoins. Source: Twitter.
Data from CryptoWatch shows that the current exchange has an overwhelming number of buy orders, leading to an imbalance in the order book. In addition, Binance's Bitcoin premium also appeared right after the “crash” of stopping withdrawals on May 7.
Difference between buy (green) and sell (red) orders on Binance.US BTC/USD order book.
Source: CoinDesk/CryptoWatch.
This news caused a stir in the online community, many crypto “spies” were racing to speculate why the Bitcoin price on Binance.US was 700 USD higher than the market. In which, the majority of comments said that Binance.US is having problems with the withdrawal port or is about to face US legal action. This has led some investors to actively leave Binance.US, thereby reducing the amount of fiat on the exchange, and causing the Bitcoin price to lose balance.