Peter Brandt, a commodity and foreign exchange trader, compared the discount on Bitcoin and Ethereum prices on Binance to the “popping of a bubble.” Brandt criticized Binance and Executive Changpeng Zhao (CZ), labeling the exchange the “scam of the decade.”
Binance’s native token BNB has sustained above key support at $233.
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On July 9, market participants noticed a widening gap in the USD pairs of crypto on Binance and other cryptocurrency exchanges. This was termed a “depeg” of cryptocurrencies among traders on crypto Twitter.
Bitcoin is trading at a nearly $2,500 discount on Binance US, offering traders a better price than other exchanges. However, most traders are likely to be unable to take advantage of the arbitrage opportunity. Only the USD pairs of cryptocurrencies are trading at a discount.
Binance.US users are unable to deposit USD to the exchange since the deposits have been suspended for nearly a month. Discounted cryptocurrencies can only be purchased via USD holdings already existing in users’ Binance wallets. This means not all traders can engage in the arbitrage opportunity.
Peter Brandt commented on the discounts and called the exchange a “scam” for its thinning liquidity in USD pairs.
The bubble is popping. Amazing that #cryptonerds who verbally debase $USD hold assets via $USDT via @cz_binance scam of the decade pic.twitter.com/z0H6gspLeo
Brandt echoes the concerns of the wider crypto community that US Dollar withdrawals will be suspended on July 20 since The currency is being phased out on the exchange platform.
Experts believe market makers’ exit from the exchange is responsible for the declining spot prices of Bitcoin, Ethereum and altcoins.
Binance US #bitcoin trading at 26k vs 30k (current price)
This is exactly what I WARNED you guys about market makers leaving US…
Full explanation in this video: https://t.co/Jl82aPoA43 pic.twitter.com/oBUs9UO9Iq
Despite the rising speculation in the crypto community, BNB price has sustained above $233. The exchange’s native token is currently trading below its three Exponential Moving Averages – the 10, 50 and 200-day EMAs at $237, $258.20, and $288.40.
BNB/USD one-day price chart on Binance
These three long-term EMAs are likely to act as resistances for BNB in its upward trend. The June 12 low of $220.40 could act as support for the token in the event of a decline.
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XRP is in the spotlight once again as the community awaits a verdict in the SEC vs. Ripple case. The token noted a spike in its social dominance, an on-chain metric used to measure the mentions of an asset across social media platforms like Twitter. Typically, this is considered a sign of a recovery, which would mean thatand XRP price is likely to wipe out its losses from June 2023.
Stablecoins with the largest market capitalization in the crypto ecosystem, USD Tether (USDT) and USD Coin (USDC) signal upcoming volatility in Bitcoin and altcoin prices through on-chain metrics.
Bitcoin (BTC) price shows multiple sell signals on the daily chart, hinting at a short-term correction. Although the longer-term outlook remains bullish, the hype generated by multiple US-based companies filing for Bitcoin ETF seems to be waning.
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