Amidst the recent halting of Bitcoin (BTC) withdrawals by the global cryptocurrency exchange Binance, its affiliate, Binance.US, is offering BTC for a premium price.
The current price of Bitcoin on Binance.US as of May 9 is $700 higher compared to its market price. Based on data from Binance.US, as of 1:30 am UTC, Bitcoin is being traded at $28,393.
According to CoinGecko and CoinMarketCap’s data, the current Bitcoin market price is $27,722, which is roughly 2% lower than the quoted price on Binance.US.
Binance.US’ highest intraday Bitcoin price was $28,600, while the highest for the market price was $28,004. Meanwhile, the lowest intraday values for Bitcoin ranged from $27,350 to $27,669 on Binance.US.
Related: Binance halts Bitcoin withdrawals for the second time in 12 hours
Binance.US’ premium for Bitcoin comes shortly after major Bitcoin withdrawal issues on May 7 caused Binance to cease withdrawals. More than 400,000 transactions were stuck on the Bitcoin blockchain due to unusual mempool congestion. This event led Binance to consider including the Lightning Network, designed to speed up and reduce the cost of BTC transactions, on its platform.
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