Binance Australia offers limited-time Bitcoin discount, prompting quick action from traders

Binance Australia has introduced a unique Bitcoin discount that provides a special opportunity for investors. The announcement comes as the platform counts down to a significant payment deadline, creating a sense of urgency for traders. Although Bitcoin (BTC) trades above $27,000 on several exchanges, it trades at a price of AUD34,863 on (USD22,670) Binance Australia, lower than its current price on exchanges. The discount has a limited period, and some traders have acted fast to take advantage of the reduced price.

Bitcoin Trading At A Discount

Recent market data reveals that Bitcoin and other digital tokens trade at a discount on Binance Australia compared to rival exchanges within the country. According to CryptoCompare data, Bitcoin traded at A$34,863 ($22,670) on Binance Australia, significantly lower than the average price on platforms like Independent Reserve and CoinJar. 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 upcoming 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 challenges for cryptocurrency enthusiasts.

Experts explain 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. 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

Bitcoin hasn’t shown significant movement in the past week, recording sluggish movement up by only 1.7% in the past seven days. In 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 declined 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 more than a $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.

The featured image is from iStock, and the chart is from TradingView.

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