The Huge Arbitrage Opportunity in Crypto Spot Prices
The past few days have seen significant differences in crypto spot prices between Binance US and other exchanges, creating a lucrative arbitrage opportunity for registered customers. Bitcoin and Ethereum prices on Binance US traded around $27.6k and $1,706 respectively, while other exchanges had them at $30.1k and $1,858. The Tether USDT and USD derivative pair also experienced a discount on Binance US, dropping as low as 88 cents.
Peter Brandt Calls Out Binance.US and CZ
Veteran Wall Street trader Peter Brandt has labeled Binance US and CEO Changpeng Zhao as the scam of the decade. Brandt believes that the crypto bubble is bursting and criticized crypto enthusiasts who debase the US dollar while holding Tether USDT on Binance US. Brandt has previously issued Bitcoin analyses but has now shifted his focus to warning his followers about scams to avoid.
Binance’s CZ Responds
In response to Brandt’s accusations, Binance CEO Changpeng Zhao, also known as CZ, dismissed them as FUD (fear, uncertainty, and doubt). He stated that the team will continue building in the cryptocurrency market despite the ongoing criticism.
Hot Take: A Battle of Reputation
The discrepancies in crypto spot prices and the accusations against Binance US and CZ highlight the challenges and reputational risks faced by cryptocurrency exchanges. It is crucial for customers to conduct thorough research and exercise caution when trading on any platform. The crypto market’s transparency and integrity will be key to its long-term success and adoption.
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