Bitcoin trades at premium on Binance US as liquidity dries up

Bitcoin (BTC) is trading astatine a premium of implicit 1% connected Binance.US arsenic the exchange’s USD trading measurement has dropped to caller lows aft the U.S. SEC’s lawsuit, according to CryptoCompare data.

CryptoCompare information indicates that BTC was trading supra $26,000 connected Binance.US, surpassing the prices of large rivals similar Kraken and Coinbase with implicit $150 arsenic of property time.

Source: CryptoCompare

Binance US trading measurement falters

Despite its BTC premium, USD measurement connected the speech has slowed significantly, dropping from a highest of implicit $684 cardinal recorded connected March 14 to little than $25 million, according to CryptoCompare data.

This diminution tin beryllium linked to the exchange’s banking partners’ determination to halt USD outgo channels by June 13. Due to this, Binance US said it would modulation to a crypto-only level due to the fact that of its regulatory issues.

Source: CryptoCompare

Data from Kaiko further corroborates the exchange’s declining trading activities. Kaiko reported that Binance US marketplace share, compared to different U.S. exchanges, dropped to 4.8% aft the lawsuit, down from 20% successful April.

Source: Kaiko

On the different hand, Coinbase marketplace stock surged from 46% to 64% wrong a week of its ain SEC lawsuit.

Binance US marketplace extent declines 78%

Meanwhile, Binance US’ marketplace extent dropped by 78% wrong a week of the U.S. SEC filing a lawsuit against the institution for violating national securities law, arsenic per Kaiko data.

Source: Kaiko

During the past week, Kaiko noted that the exchange’s marketplace extent for 17 tokens dropped to conscionable $7 cardinal from the $34 cardinal recorded connected June 4 — a time earlier the SEC’s lawsuit.

Kaiko stated that marketplace makers and traders near the speech owed to concerns astir imaginable plus lock-ups. On June 6, the SEC moved to freeze Binance’s U.S. assets, arguing that this enactment was needed to guarantee the information of customers’ funds.

“[Binance US] marketplace makers are tense and privation to debar volatility-induced losses and the non-negligible anticipation that their assets could get stuck connected an speech à la FTX collapse.”

The station Bitcoin trades astatine premium connected Binance US arsenic liquidity dries up appeared archetypal connected CryptoSlate.