Topic: Bitcoin Has A Lower Value In Binance (Read 204 times)

Omg I'm so confused. Sorry for not mentioning binance.us in the OP. I've always been using binance.us for many years and the btc, eth, and all other prices have always been consistent. Why are they lower now?

But still I'm curious that you are actually using the official app (if that image was captured as of today). I have looked at the binance us chart more closely, no btc/usd price has even gone below 30k since the close last June.

The price diff between US and Global is not very significant at this time.

So is there anything I can do or am I screwed and out of thousands of dollars?

You're not screwed, your money remains to be there. I've checked the binance.com and binance.us and compared the price of bitcoin for both platforms.

Spot:
On Binance.us, BTC = $28,645.32

On Binance.com, BTC = $31,130.03

There's really a big disparity for both platforms price for Bitcoin and the reason was mentioned by Bitmaxz and usually, exchanges from here and there do have difference with their rates.

Wow, that sucks. I hope the disparity doesn't get worse.

noorman0

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So is there anything I can do or am I screwed and out of thousands of dollars?

I looked at the chart again, and you were right about the difference in price (I withdraw my previous doubts, sorry). And I think this is the cause:
https://www.binance.us/spot-trade/usdt_usd

I don't know what exactly happened, USDT is devalued against its own reserve currency on binance US exclusively, otherwise I don't see that on coinbase

sunsilk

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Quote from: BitMaxz on July 04, 2023, 03:39:36 AM

Omg I'm so confused. Sorry for not mentioning binance.us in the OP. I've always been using binance.us for many years and the btc, eth, and all other prices have always been consistent. Why are they lower now?

But still I'm curious that you are actually using the official app (if that image was captured as of today). I have looked at the binance us chart more closely, no btc/usd price has even gone below 30k since the close last June.

The price diff between US and Global is not very significant at this time.

So is there anything I can do or am I screwed and out of thousands of dollars?

You're not screwed, your money remains to be there. I've checked the binance.com and binance.us and compared the price of bitcoin for both platforms.

Spot:
On Binance.us, BTC = $28,645.32

On Binance.com, BTC = $31,130.03

There's really a big disparity for both platforms price for Bitcoin and the reason was mentioned by Bitmaxz and usually, exchanges from here and there do have difference with their rates.

Darker45

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This is not a bug nor glitch in their app according to the news below "The impact of enforcement action against Binance.US is affecting the prices of cryptocurrencies on its exchange"
And according to the news, it's a crypto discount it is ranging from 2% to 5% discount.

That is why you see different prices on the BTC/Fiat compared to Binance.com and according to the news, not only BTC is affected by this also other Crypto/Fiat pairs like ETH.

- https://www.bloomberg.com/news/articles/2023-06-28/crypto-discounts-worsen-on-binance-us-as-sec-investigation-s-impact-takes-hold

I was thinking this is more of a technical issue. But I considered the 5% discount and it seems right around the amounts mentioned in the OP. There's a slight yet significant difference, though. If the maximum discount is at 5%, the price should be $29,756.85 and not $29,125.

Anyway, if this is indeed caused by what Binance.US is going through, isn't this a great way to do some arbitrage? Even considering the spread, with a difference of more than 5%, it's probably good enough.

Quote from: mk4 on July 03, 2023, 10:19:23 PM

So is there anything I can do or am I screwed and out of thousands of dollars?

So you did buy or sell? Did you try making a withdrawal? I mean, one could make the most out of this. Well, provided this is indeed the real price in the legit Binance.US platform.

royalfestus

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Quote from: mikebj22 on July 03, 2023, 10:04:58 PM

Didn't work. I uninstalled and reinstalled it and logged in and its still lower. I also restarted my phone. I also checked the value by logging in via PC and its still lower.

Double check what currency you're using on the Binance app. All you need to know is that the problem is on your side, because everything's fine with everyone lol. You can even check CoinGecko's Binance price.

It's possible that what he's saying holds some truth, but let's consider another perspective: prices can fluctuate within a matter of minutes. Additionally, when it comes to cryptocurrency discussions, the average price is often based on exchanges rather than volume. Moreover, the all-time high prices can differ between exchanges.

mikebj22

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Omg I'm so confused. Sorry for not mentioning binance.us in the OP. I've always been using binance.us for many years and the btc, eth, and all other prices have always been consistent. Why are they lower now?

But still I'm curious that you are actually using the official app (if that image was captured as of today). I have looked at the binance us chart more closely, no btc/usd price has even gone below 30k since the close last June.

The price diff between US and Global is not very significant at this time.

So is there anything I can do or am I screwed and out of thousands of dollars?

mikebj22

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Activity: 16

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Omg I'm so confused. Sorry for not mentioning binance.us in the OP. I've always been using binance.us for many years and the btc, eth, and all other prices have always been consistent. Why are they lower now?

But still I'm curious that you are actually using the official app (if that image was captured as of today). I have looked at the binance us chart more closely, no btc/usd price has even gone below 30k since the close last June.

The price diff between US and Global is not very significant at this time.

Yes, I'm using the Binance.US app.

noorman0

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Quote from: mikebj22 on July 03, 2023, 09:13:00 PM

Omg I'm so confused. Sorry for not mentioning binance.us in the OP. I've always been using binance.us for many years and the btc, eth, and all other prices have always been consistent. Why are they lower now?

But still I'm curious that you are actually using the official app (if that image was captured as of today). I have looked at the binance us chart more closely, no btc/usd price has even gone below 30k since the close last June.

The price diff between US and Global is not very significant at this time.

BitMaxz

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This is not a bug nor glitch in their app according to the news below "The impact of enforcement action against Binance.US is affecting the prices of cryptocurrencies on its exchange"
And according to the news, it's a crypto discount it is ranging from 2% to 5% discount.

That is why you see different prices on the BTC/Fiat compared to Binance.com and according to the news, not only BTC is affected by this also other Crypto/Fiat pairs like ETH.

- https://www.bloomberg.com/news/articles/2023-06-28/crypto-discounts-worsen-on-binance-us-as-sec-investigation-s-impact-takes-hold

cryptoaddictchie

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What the Hell is going on? The value of Bitcoin in the Binance app is $29,125 but when I Google it, its $31,323?!?!?

Its just that the app is not updated or the Google might be delay? Which one could be more accurate to see, but if in Google its says 31k then probably a glitch on binance app. Before I can see that too, cause the app is lagging or having some sort of error. Anyway it could not be so far from the difference.

Findingnemo

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Quote from: nc50lc on July 03, 2023, 11:28:53 PM

Quote from: mikebj22 on July 03, 2023, 11:20:00 PM

So this is the issue, your app isn't "Binance" but "Binance US" which is different from each other and has separate regulations.
The sub-$31,000 price that other have shown you and the one you're seeing in the web are for Binance.

For more info, you can use the Google Search the term "is binance us and binance the same".
There are countless articles about it in the search results.

Omg I'm so confused. Sorry for not mentioning binance.us in the OP. I've always been using binance.us for many years and the btc, eth, and all other prices have always been consistent. Why are they lower now?

The BTC/USD on Binance seems always lower than the global market or atleast in the last 1 Month time frame and FYI the price of a cryptocurrency on an exchange depends on the demand and supply for the particular pair on that particular exchange so never expect to see the same exact price on every exchange.

MusaMohamed

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Quote from: mikebj22 on July 03, 2023, 11:30:13 PM

Version 3.2.0. Downloaded binance.us app on Google pay store on my Galaxy y s10e.

Did you download the application from the website with a link there?

I hope you did not search Binance in Google Play. Phishing applications are many in Google Play so don't searching.

https://www.binance.us/ at the bottom you will get this link
https://www.binance.us/downloadApp then click on Google Play icon at Download the New App Now and get that link
https://play.google.com/store/apps/details?id=com.binance.us&pli=1

Chart on Binance US spot trade, browser version has no issue
https://www.binance.us/spot-trade/btc_usdt

Issue found, you had issue with USD pair, not USDT pair.
https://www.binance.us/spot-trade/btc_usd
I noticed it when looking at Binance US from Coinmarketcap. USDT pair is $31,124 while USD pair is $28,885. Checking at Binance US for that pair, same issue.

Weird because USDT does not de-peg from USD.

mk4

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Quote from: nc50lc on July 03, 2023, 11:28:53 PM

Omg I'm so confused. Sorry for not mentioning binance.us in the OP. I've always been using binance.us for many years and the btc, eth, and all other prices have always been consistent. Why are they lower now?

Regulatory hurdles. Do a quick Google search on Binance US to check their recent issues.

Check out Binance US' BTC/USDT(Tether) pair — it's far more on-par with bitcoin's accurate price.

mikebj22

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Quote from: mikebj22 on July 03, 2023, 11:20:00 PM

https://www.talkimg.com/images/2023/07/04/SWu1f.jpeg

So this is the issue, your app isn't "Binance" but "Binance US" which is different from each other and has separate regulations.
The sub-$31,000 price that other have shown you and the one you're seeing in the web are for Binance.

For more info, you can use the Google Search the term "is binance us and binance the same".
There are countless articles about it in the search results.

Omg I'm so confused. Sorry for not mentioning binance.us in the OP. I've always been using binance.us for many years and the btc, eth, and all other prices have always been consistent. Why are they lower now?

mikebj22

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Quote from: nc50lc on July 03, 2023, 11:19:28 PM

https://www.talkimg.com/images/2023/07/04/SOxAP.jpeg

Your "favorites" looks familiar but it's different from the version installed in my phone, version 2.66.5.

Are you sure you're using the correct app and not a fake clone based from the old version?
Can you give a link to the app that you've downloaded and tell the version that it shows in "Settings->About Us".

Version 3.2.0. Downloaded binance.us app on Google pay store on my Galaxy y s10e.

nc50lc

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Quote from: mikebj22 on July 03, 2023, 11:20:00 PM

So this is the issue, your app isn't "Binance" but "Binance US" which is different from each other and has separate regulations.
The sub-$31,000 price that others have shown you and the one you're seeing in the web are for Binance.

For more info, you can Google Search the term "is binance us and binance the same".
There are countless articles about it in the search results.

mikebj22

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Quote from: Faisal2202 on July 03, 2023, 11:12:05 PM

Quote from: Little Mouse on July 03, 2023, 10:49:03 PM

Quote from: mikebj22 on July 03, 2023, 10:40:21 PM

Can you tell me another way I can post screen shot?

Upload the image on talkimg.com and post the url here.

https://www.talkimg.com/images/2023/07/04/SOxAP.jpeg

https://talkimg.com/images/2023/07/04/SWdRD.jpeg
Mentioning the picture for OP.
What i think from the pic is: from which section you have took the screenshot because i an't seeing anything familiar on my exchange (Binance) and your pairs are also in USD instead of USDt. Are you newbie to use Binance or you have used it before.

Because the difference is huge and can you at least give the time stamp of the screenshot when you took it.

https://www.talkimg.com/images/2023/07/04/SWu1f.jpeg

nc50lc

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Your "favorites" looks familiar but it's different from the version installed in my phone, version 2.66.5.

Are you sure you're using the correct app and not a fake clone based from the old version?
Can you give a link to the app that you've downloaded and tell the version that it shows in "Settings->About Us".

Faisal2202

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