Bitcoin Trading at $700 Premium on Binance.US Crypto Exchange

On Binance.US, the price of Bitcoin reached a peak of $28,600 during the day, surpassing the intraday market price high of $28,000.

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As the global cryptocurrency exchange Binance continues to recover from multiple interruptions in Bitcoin (BTC) withdrawals, its American counterpart, Binance.US, is selling BTC at a higher price than the average market rate, known as a premium.

Bitcoin is being traded at a price $700 higher than the market rate on Binance.US. As of the current time, around 1:30 am UTC, the trading price for Bitcoin on Binance.US is $28,393, as reported by the Bitcoin page on the Binance.US platform.

Bitcoin price on Binance.US on May 9, 2023. Source: “cointelegraph”

According to CoinGecko and CoinMarketCap, the current market price of Bitcoin is $27,722, which is approximately 2% lower than the price quoted for Bitcoin on Binance.US.

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Bitcoin reached its highest price during the day on Binance.US, reaching up to $28,600, while the highest market price recorded was $28,004. On the other hand, the lowest prices observed for Bitcoin during the day on Binance.US ranged from $27,350 to $27,669.

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Binance.US experiencing a Bitcoin premium comes shortly after the main global exchange, Binance, faced significant withdrawal problems on May 7th.

Due to an unusual congestion in the Bitcoin mempool, with over 400,000 transactions getting stuck on the blockchain, the exchange had to temporarily suspend withdrawals. This incident prompted Binance to seriously consider adding the Lightning Network to its platform. The Lightning Network is a solution aimed at accelerating Bitcoin transactions and reducing their costs.

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