Traders Act Fast As Binance Australia Unveils Bitcoin Discount For Limited Period

Traders Act Fast As Binance Australia Unveils Bitcoin Discount For Limited Period

May 30, 2023

In an intriguing development for crypto traders, Binance Australia has introduced an exclusive Bitcoin discount, offering a unique opportunity for savvy investors. The platform’s recent announcement comes in the midst of a countdown to a significant payment deadline, adding a sense of urgency to the offer.

While Bitcoin (BTC) currently trades above $27,000 on several exchanges, it traded at a price of AUD34,863 on (USD22,670) Binance Australia lower than its current price on exchanges. The limited period that comes with the discount has made some traders act fast so as 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 within the country.

CryptoCompare data shows 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, to ease the withdrawal process for users, Binance Australia has devised a solution. 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.

BTC Latest Price Action

Meanwhile, Bitcoin hasn’t shown any significant move in the past week. Instead, the largest crypto asset by market capitalization has recorded sluggish movement up by only 1.7% in the past 7 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 earlier 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 7 days. BTC’s market cap has surged from $528 billion last Tuesday to $539 billion as of today.

Featured image from iStock, Chart from TradingView

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