USD Trading Pairs on Binance US: The Good News and the Bad News
Good news: The digital economy suffered a downturn, but Bitcoin (BTC) and Ethereum (ETH) maintained their trading values. BTC is around $30,180 per unit and ETH is roughly $1,911 per coin.
Bad news:
1. Price Divergence: BTC/USD trading on Binance US is significantly lower, at $25,073, which is 16.92% below the global exchange rate for BTC.
2. Inconsistencies: Binance US shows inconsistencies in exchange rates for most cryptocurrencies and stablecoins when paired with the U.S. dollar. For example, ETH drops to around $1,595 when paired with the dollar on Binance US.
3. USDT/USD Rate: USDT/USD pairs on Binance US have a rate of $0.76 per tether, much lower than its expected value.
4. BNB Exchange Rate: Binance Coin (BNB) exchanges for $200 when compared to the dollar on Binance US, despite its market value of $242 per coin.
5. Widening Gap: The gap between U.S. dollar matches and global exchange rates has been increasing, with disparities ranging from 2% to 5% by the end of June.
Closing Thoughts:
The pricing discrepancies on Binance US are due to the platform’s suspension of USD deposits. Traders are selling coins at discounts because they cannot top up their accounts with fresh dollars. The duration and extent of these disparities remain uncertain, but they are a cause for concern in the crypto market.
Hot Take: The significant disparities in USD trading pairs on Binance US highlight the challenges faced by crypto traders. It is important for exchanges to address these issues and ensure fair and transparent trading for their users.
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