Bitcoin Price Prediction: BTC Holds Steady Below $31,000 Amidst Binance.US Trading Discount and USD Withdrawal Concerns
Bitcoin, the leading cryptocurrency, is currently experiencing a trading discount of approximately $1,000 on the Binance.US exchange, as reported by research firm Kaiko.
This price discrepancy has persisted since June 22, as evidenced by a chart shared by Kaiko.
Interestingly, this discount aligns with an announcement made by Binance US on the same day, raising concerns about the potential suspension of USD withdrawals in the coming days.
As a result, Bitcoin's price remains stable below the $31,000 mark, prompting speculation and predictions about its future trajectory.
Bitcoin is currently experiencing a trading discount of nearly $1,000 on the Binance.US crypto exchange, according to a tweet from research firm Kaiko.
This price discrepancy has been observed since June 22, as depicted in a chart shared by Kaiko.
The discount coincides with Binance US's announcement on the same day, hinting at a potential discontinuation of USD withdrawals in the near future.
The discount on Binance.US impacts the price of Bitcoin as users facing concerns over USD withdrawals opt to sell their Bitcoin at a discounted price to access their funds.
This has resulted in the BTC/USD pair on Binance.US trading at approximately a $1,000 discount compared to other cryptocurrency exchanges.
While Binance US currently offers USD withdrawal services, the exchange has advised users to consider stablecoins or convert their USD to continue trading cryptocurrencies.
Binance US anticipates that its banking partners may soon halt USD withdrawals, which has created a sense of urgency among some users to sell their Bitcoin at a lower price.
It's worth noting that Binance is currently involved in a legal dispute with the SEC, which has prompted the exchange to
Read more on cryptonews.com
