Report

Aussie Binance users withdraw Bitcoin, Tradecurve price skyrockets

By Guest Writer • 02 June 2023 • 9:10

Bitcoin traded at a 20% lower on Binance’s Australian platform when compared to other CEXs on May 30, 2023, after the news that its fiat off-ramp services would be closing on June 1, 2023. A lot of users began withdrawing the cryptocurrency, and the AUD Paris experienced less liquidity, impacting the pricing.

On the other hand, the Tradecurve project saw exponential growth in the value of its utility token, TCRV, which surged by 25% in value and expected to skyrocket by 100x.

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A deep discount on Bitcoin at Binance’s Australian Platform

Bitcoin traded at its lowest point at $33,345 AUD ($21,800), while other major exchanges listed the cryptocurrency at an average of $42,600 AUD ($28,600) during the same point in time on May 30, 2023.

The steep discount on Binance’s Australian platform is because of the Australian financial partners, who abandoned the cryptocurrency exchange. This caused its on-ramp services to close, and based on the firm, local users were getting ahead of its subsequent fiat off-ramp closures by duping their holdings, leading to a sharp decrease in the value of the Bitcoin cryptocurrency.

“Due to the recent removal of fiat on-ramp services by our payment processor’s banking partner, some Australian users have been withdrawing their AUD holdings from the platform in advance of the off-ramp closure on 1 June,” noted a spokesperson for Binance.

The AUD pairs experienced a lot less liquidity, and this ultimately impacted the pricing of Bitcoin. It is important to note that the firm’s derivatives license was also revoked by Australia’s security commission at the start of April during a targeted review of the business Binance conducted in the country. On May 31, 2023, Bitcoin (BTC) traded at $27,078.09, and in the last 30 days, it saw a decrease in value of 5.2%.

Tradecurve’s decentralised approach to trading and 25% increase

With the recent decrease in the value of Bitcoin on the Binance CEX, it is clear to more investors than ever before that the future is in decentralisation, and a new hybrid exchange known as Tradecurve has gathered a significant level of attention among investors. Tradecurve combines the best elements from CEXs and DEXs, where it does not require anyone to complete a KYC procedure and enables users to maintain full control over their private keys.

Each user can deposit a cryptocurrency to the Tradecurve platform and use it as collateral whenever they make investments in cryptocurrencies like BTC, or any other supported crypto, alongside derivatives in a fully borderless, decentralised way that will not be affected by regulators such as the case in Australia.

Moreover, the team will bolster transparency through the implementation of Proof of Reserves (PoR). There is high leverage starting at 500:1, advanced algorithmic trading with AI, and for the newbies, a dedicated Trading Academy that will teach them everything they need to know. During Stage 3 of the presale, 1 TCRV token is worth $0.015.

The cryptocurrency saw an increase of 25% in the past week, and analysts predict that it can climb 100x at launch, especially as the presale has seen a massive level of appeal, as 12,830,882 TCRV tokens have already been sold

For more information about TCRV presale tokens:

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