New Bitcoin (BTC) ATH: The queen of cryptos traded at $138,000 on Binance.US

Many believe that the 2024 Bitcoin Halving will be decisive for the cryptocurrency. But instead of waiting a few months to cheer up the crypto community, BTC took many by surprise today. It traded at $138,000 early in the morning on Binance.US.

A short-lived ATH for Bitcoin

Bitcoin, the only crypto that really counts, will never cease to amaze us. Apart from its June 20 performance, the queen of cryptocurrencies has once again surprised on Binance US.

According to CoinDesk, the Bitcoin price has temporarily increased today. Earlier in the morning, at 6:50 UTC, the cryptocurrency was traded at $138,070. Data from the US exchange indeed demonstrated this sudden price surge on the BTC/Tether pair.

It is worth noting that this price increase lasted only a few seconds. As of the writing of this article, 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.

Explaining this price roller coaster

Some analysts claim that this movement displayed by the queen of cryptocurrencies came from a trader’s provocation. This individual would have offered a 450% premium for BTC.

Others, more objective, point to the low liquidity of Bitcoin versus Tether on Binance’s US subsidiary’s platform.

This is explained by market depth data. Market depth refers to the liquidity of a financial market. A purchase of $400,000 worth of bitcoins on the BTC/Tether exchange pair, for example, will increase the price by 2%.

However, the effect will not be the same for the BTC/USD exchange pair if purchases approach $842,000.

It should also be noted that Binance.US’s market depth has fallen sharply, based on May statistics. According to Kaiko, it dropped to -76%.

In other words, market makers and traders have already jumped ship at Binance US.

And they have good reason for this massive departure: the aggressive regulation initiated by the SEC is no incentive to remain involved in this crypto exchange. To the question “Should we flee Binance?“, these players have chosen to answer in the affirmative.