- This shows that customers are leaving exchanges
- Bitcoin traded $1,700 more than other exchanges
- Ethereum traded at a difference of nearly $100
- Also noticed a discount in the stabelcoin USDT
Today, June 7, the two major cryptocurrencies bitcoin and ether traded at big discounts on the U.S. cryptocurrency exchange Binance.US.
The Binance.US exchange saw the BTC-USD trading pair jump to $28,800 Wednesday morning, up $1,700 from the average price on other exchanges.</nbsp;
The BTC-USD pair was trading for $27,900 at recent levels, while the multi-exchange bitcoin price index was around $26,400. That means there is a price premium of almost 6% for BTC-USD on Binance.US.
The ETH-USD trading pair on Binance.US traded for $1,932, while the ether price index was $1,840.. Also, Tether’s USDT stabelcoin, which is the largest by market capitalization, traded 6 cents above its usual $1 peg on the exchange.
This price difference is indicative of investors leaving the platform in light of SEC action against the company. The significant increase in the price premium is also indicative of reduced liquidity on the platform as traders pull back, expecting a possible asset freeze.
Clara Medali, director of research at Kaiko, said:
“Market makers are alarmed by the market situation in recent days.. They reduce liquidity in the order book of the exchange in anticipation of a possible freeze. No one wants to be in a situation where their assets remain locked up on an exchange.”
BTC was previously trading at nearly $650 on Binance.US.