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As the global cryptocurrency exchange Binance works to resolve multiple interruptions of Bitcoin (BTC) withdrawals, its U.S. subsidiary, Binance.US, is offering BTC at a premium.
The price of Bitcoin on Binance.US is $700 higher than the cryptocurrency’s market value on May 9. At the time of this report, around 1:30 am UTC, Bitcoin was trading at $28,393, based on information from the Binance.US Bitcoin page.
Bitcoin price on Binance.US on May 9, 2023. Source: Binance.US
Data from CoinGecko and CoinMarketCap indicates that the current market price of Bitcoin is $27,722, which is approximately 2% lower than the price listed on Binance.US.
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The peak intraday price of Bitcoin on Binance.US reached as high as $28,600, while the highest price in the broader market only hit $28,004. Meanwhile, Bitcoin’s lowest intraday prices fluctuated between $27,350 and $27,669 on Binance.US.
Related: Binance halts Bitcoin withdrawals for the second time in 12 hours
The premium on Bitcoin at Binance.US follows significant withdrawal challenges faced by Binance, the primary global exchange, on May 7.
The exchange had to suspend withdrawals due to unusual mempool congestion affecting Bitcoin, with over 400,000 transactions becoming delayed on the Bitcoin blockchain. This situation seemingly prompted Binance to contemplate the integration of the Lightning Network on its platform, which aims to enhance the speed and reduce the cost of BTC transactions.
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