Binance.US offers Bitcoin at a $3,000 discount
Binance US offers Bitcoin at a $3,000 discount. But, there's a catch - read on to find out!
Bitcoin's price on Binance US, a cryptocurrency exchange, was $3,000 less than the usual price on Sunday. This looks like a great deal for traders, but there's a problem.
Bitcoin was selling for $27,536 on Binance US, much less than its normal price of $30,106. Other cryptocurrencies like Ethereum and Tether also had lower prices.
These low prices could help traders make money if they could buy on Binance US and sell somewhere else. But, most people can't do this because Binance US has restrictions.
People can only use the dollars they had on Binance US before June 9 to buy these cheap cryptocurrencies. They can't add more dollars to their accounts. Also, Binance US told customers that they won't be able to take out their dollars after July 20.
At this time, Bitcoin's price is $30,124, which is slightly down from before.
Jim Chanos, an investment manager, asked why these price differences exist between big exchanges if cryptocurrencies are the future of money.
Cryptocurrencies are highly volatile and involve significant risk. You may lose part or all of your investment.
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