In an intriguing development for crypto traders, Binance Australia has introduced an exclusive Bitcoin discount, presenting a unique opportunity for savvy investors. The platform is recent announcement comes in the middle of 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 various exchanges, it was trading at a price of AUD 34,863 at (USD 22,670) Binance Australia lower than the current price on exchanges. The limited period of time associated with the discount has led some traders to act quickly to take advantage of the reduced price.
Bitcoin trading at a discount
Recent market data has revealed an intriguing trend on Binance Australia, with Bitcoin and other digital tokens trading at a discount compared to rival exchanges in the country.
Data from CryptoCompare shows that Bitcoin was trading at A$34,863 ($22,670) on Binance Australia, significantly lower than the average price on platforms such as 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 related to impending changes to the payment withdrawal options on the platform. As of 5pm on June 1st, the popular PayID service will no longer allow users to withdraw Australian dollars into their bank accounts.
This follows the platform’s previous 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 and shed light on the rationale behind the lowered Bitcoin prices. Richard Galvin, the co-founder of fund manager Digital Asset Capital Management, explains that Australian clients sell 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 buy Bitcoin at a discounted price.
Further tTo make the withdrawal process easier for users, Binance Australia has come up with a solution. After the payment deadline, Australian dollar funds can be converted to the Tether stablecoin, facilitating both withdrawals and trading activities.
The platform is actively seeking alternative providers to restore AUD’s deposit and withdrawal services, underscoring its commitment to providing a seamless user experience.
BTC Latest Price Action
Meanwhile, Bitcoin has shown no significant movement over the past week. Instead, the largest crypto asset by market capitalization has registered a sluggish rise of just 1.7% over the past 7 days. In the past 24 hours, BTC has seen a 0.1% loss.
At the time of writing, Bitcoin is currently trading at $27,849, after just over $28,000 on Sunday. Bitcoin’s trading volume has dropped a bit from $14 billion earlier last week to $12 billion in the past 24 hours, indicating less trading activity.
However, the asset’s market cap has increased by more than $10 billion in the past 7 days. BTC’s market cap has increased from $528 billion last Tuesday to $539 billion as of today.
Featured image from iStock, chart from TradingView