Traders Act Quickly as Binance Australia Unveils Bitcoin Discount for a Limited Period

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In an intriguing development for crypto traders, Binance Australia has introduced an exclusive bitcoin discount, providing a unique opportunity for savvy investors. The platforms’ recent announcement comes amid a countdown to a major payment deadline, adding a sense of urgency to the offering.

While Bitcoin (BTC) is currently trading above $27,000 on several exchanges, it traded at a price of AUD 34,863 on Binance Australia ($22,670) below its current price on the exchanges. The limited period that accompanies the discount has prompted some merchants to act quickly in order to take advantage of the discounted price.

Discount Bitcoin Trading

Recent market data has revealed an intriguing trend on Binance Australia, with Bitcoin and other digital tokens trading at a discount to rival exchanges in the country.

Data from CryptoCompare shows that Bitcoin traded at A$34,863 ($22,670) on Binance Australia, which is significantly lower than the average price on platforms such as Independent Reserve and CoinJar. Notably, discounts of around 20% have also been seen for popular tokens such as Ethereum (ETH) and Solana (SOL).

The discount on Binance Australia is closely linked to the impending changes in the platforms’ payment withdrawal options. From 5 p.m. on June 1, users will no longer be able to withdraw Australian dollars from their bank accounts using the popular PayID service.

This follows the platforms’ earlier loss of access to some Australian dollar depository 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, co-founder of fund manager Digital Asset Capital Management, explains that Australian customers 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 acquire Bitcoin at a discount.

Additionally, to make the withdrawal process easier for users, Binance Australia has come up with a solution. After the payment deadline, Australian dollar balances can be converted to 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 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 seen a slow advance of just 1.7% over the past 7 days. Over the past 24 hours, BTC has recorded a loss of 0.1%.

Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC/USD on TradingView.com

At the time of writing, Bitcoin is currently trading at $27,849 after trading slightly above $28,000 on Sunday. Bitcoin trading volume fell slightly from $14 billion at the start of last week to $12 billion in the past 24 hours, indicating a drop in trading activity.

However, the market capitalization of the assets recorded a gain of more than $10 billion in the last 7 days. The market capitalization of BTC has increased from $528 billion last Tuesday to $539 billion as of today.

Featured image from iStock, chart from TradingView

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