Binance Australia has recently introduced a unique Bitcoin discount, creating an exciting opportunity for crypto traders looking to maximize their investments. The platform’s announcement comes amidst a countdown to a significant payment deadline, adding a sense of urgency to the offer. While Bitcoin (BTC) is currently trading above $27,000 on several exchanges, it traded at a price of AUD34,863 on Binance Australia, lower than its current price on exchanges. The limited time available to avail of the discount has made some traders act fast to take advantage of the reduced price.
Recent market data show a unique trend on Binance Australia, with Bitcoin and other digital tokens trading at a discount compared to rival exchanges within the country. CryptoCompare data reveals that Bitcoin traded at A$34,863 ($22,670) on Binance Australia, significantly lower than the average price on platforms like Independent Reserve and CoinJar. Notably, discounts of around 20% were also observed for popular tokens such as Ethereum (ETH) and Solana (SOL).
The discount on Binance Australia is closely linked to impending changes in the platform’s payment withdrawal options. Starting from 5 p.m. on June 1, users will no longer be able to withdraw Australian dollars to their bank accounts using the popular PayID service. This follows the platform’s earlier loss of access to certain Aussie dollar deposit services, creating a series of challenges for cryptocurrency enthusiasts. Industry experts have weighed in on the situation, shedding light on the motivations behind the discounted Bitcoin prices.
Richard Galvin, the co-founder of fund manager Digital Asset Capital Management, explains that Australian clients are selling Bitcoin at a discount to ensure they can withdraw their Australian dollars before the payment deadline. This urgency has created a unique opportunity for investors looking to acquire Bitcoin at a reduced price.
Furthermore, Binance Australia has devised a solution to ease the withdrawal process for users. Following the payment deadline, Australian dollar balances can be converted into the Tether stablecoin, facilitating both withdrawals and trading activities. The platform is actively seeking alternative providers to restore AUD deposit and withdrawal services, underscoring its commitment to offering a seamless user experience.
Meanwhile, Bitcoin hasn’t shown any significant movement in the past week. Instead, the largest crypto asset by market capitalization has recorded sluggish movement up by only 1.7% in the past seven days. Over the past 24 hours, BTC has seen a 0.1% loss. At the time of writing, Bitcoin currently trades at $27,849 after trading slightly above $28,000 on Sunday. Bitcoin’s trading volume has plunged a bit from $14 billion last week to $12 billion in the past 24 hours, indicating less trading activity. However, the asset’s market capitalization has seen a more than $10 billion gain in the past seven days. BTC’s market cap has surged from $528 billion last Tuesday to $539 billion as of today.
In conclusion, Binance Australia’s unique Bitcoin discount is a compelling opportunity for traders looking to capitalize on the lower prices available on its platform. The limited period available to take advantage of the reduced prices has created a sense of urgency among investors, resulting in an increase in trading activity. Industry experts believe that the discount is closely linked to impending changes in the platform’s payment withdrawal options. However, Binance Australia has devised solutions to ease the withdrawal process for users and is actively seeking alternative providers to restore AUD deposit and withdrawal services. While Bitcoin has not shown any significant movement in the past week, its market capitalization has seen a significant increase, highlighting the continued interest and growth in the cryptocurrency market.
