Bitcoin lost a lot of value against the Australian dollar. Bitcoin, which was traded at $ 28 thousand globally, fell to $ 22 thousand in Australia. So, can’t a Bitcoin investor profit from it?
There has been a confusing development regarding cryptocurrencies, one of the most discussed investment tools of recent years. Bitcoin (BTC), against the Australian dollar suffered a serious loss of value. BTC, which is traded at 28 thousand dollars in global stock markets, is in Australia. 22 thousand dollars traded levels. So what happened to this unbelievable situation? How did Bitcoin fall to a cheap spot against the Australian dollar?
Binance is one of the largest third-party payment providers in Australia in the country. PayID was working with. However, on May 18, PayID and Binance Australia parted ways. As such, the mechanism by which investors can buy and sell cryptocurrencies by bank transfer has stopped. Binance Australia offers trading in Australian dollars (AUD) for the post-PayID period. will be terminated announced.
This is what caused BTC to depreciate against the Australian dollar
Binance has announced that Australian investors have until June 1 to withdraw their funds. As this deadline draws near, investors they fell into a senseless panic and tried to attract crypto investments into their bank accounts. Due to the supply-demand balance, the lack of anyone to buy BTC in Australian dollars when entering a large amount of sales, to fall in prices caused. As a result of all these, BTC, which was at the level of 28 thousand dollars in the global market, could only find a buyer in Australia for 33,750 Australian dollars, that is, 22 thousand US dollars.
BTC/AUD current price chart
As you can see in the chart above; BTC/AUD parity is completely out of BTC/UDST parity. acting independently. Moreover, this independence is expected to continue for a while.
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Let’s come to the main issue: “If I sell my BTC, convert it to AUD and buy BTC, won’t I make a profit?”
The fact that Bitcoin is cheap in Australia is a reason for crypto investors. may have whetted his appetite. After all, everyone wants to buy a commodity cheaper than it is and sell it at a profit. So, can’t we do this in AUD?
The answer to this question is unfortunately no. Let’s say 1 BTCYou have You may have planned to make a profit by converting it first to USDT, then to AUD, and finally back to BTC. However, this is not possible because you cannot buy AUD with USDT on Binance Global. Binance, USDT/AUD The pair is closed for trading. This is what prevents you from trading. We tried, it didn’t work 🙂
Note: This content cannot be considered as investment advice. Although we failed in our attempt only on Binance Global, there are many cryptocurrency exchanges in the world. Maybe if you can find BTC/USDT, USDT/AUD and AUD/BTC pairs at the same time on another exchange, you can have a chance to profit.
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