Many believe that the 2014 Bitcoin Halving would be decisive for the cryptobeacon. But instead of waiting a few months to cheer up the crypto community, the BTC has surprised more than one this day. He was traded at $138,000 very early in the morning on Binance.US.
Bitcoin, an ephemeral ATH
Bitcoin, the only crypto that really matters, will never cease to amaze us. Because in addition to her performance on June 20, the queen of cryptocurrencies once again created a surprise on Binance US.
According to CoinDesk, the price of bitcoin has temporarily increased this day. Early in the morning, more precisely at 6:50 UTC, the crypto-flagship had traded at $138,070. Data from the US exchange indeed demonstrated this sudden price surge on the BTC/Tether pair.
It should be noted that this price increase lasted only a few seconds. Because at the time of writing, BTC is trading at $29,038.
We would also like to point out that the parity of bitcoin with other spot markets did not experience this temporary price increase.
Explanations of this yo-yo
Some analysts claim that this movement displayed by the queen of cryptocurrencies comes from a provocation by a trader. The latter would have offered a 450% premium for BTC.
But others, more objective, evoke a low liquidity of bitcoin compared to tether on the platform of the American subsidiary of Binance.
They explain this by data relating to the depth of the market. Knowing that market depth refers to the level of liquidity of a financial market. A purchase of $400,000 worth of bitcoins on the BTC/Tether trading pair, for example, will cause the price to increase by 2%.
However, the effect will not be the same for the BTC/USD trading pair for a purchase of around $842,000.
It should also be noted that the market depth of Binance.US has seen a sharp decline when considering the statistics for the month of May. According to Kaiko, it went down to -76%.
In other words, market makers and traders have already jumped ship Binance US.
And they have enough to justify this massive departure: the aggressive regulation initiated by the SEC is nothing motivating to stay in this crypto exchange. To the question “should we flee Binance”, these actors have chosen to answer in the affirmative.
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