The price of the crypto exchange Binance's native cryptocurrency Binance Coin rose 11% today, ahead of the launch of the Binance.US registrations page.
But once registrations started, the price of Binance Coin dropped from highs of $22.89 to its current value of $22.05. Clearly traders "bought the rumor, sold the news" as the phrase goes.
The initial rally may have been caused because, despite previous announcements, Binance.US is listing Binance Coin from the outset. Initially, the coin was on a list of potential assets (out of 40) but was left off the list of six confirmed coins. But a trader pointed out today that BNB will be present, which Binance CEO Changpeng Zhao then confirmed.
Across the first half of 2019, Binance Coin (BNB) performed well, rising from a low of $6 to highs of $39 in June. The coin's price then fell massively, hitting lows of $19.80 on Sept 12. The recent uptick in prices is a positive sign for the coin, alongside a surge in its daily trading volume to $155 million.
Of this $155 million, around $70 million is traded on the exchange's own order books—making up around 5% of the company's daily trading volume. Binance's aggressive growth strategy will likely increase the usage of the coin. With its rapid expansion plans—and ideas to provide more use-cases for BNB—Binance is full steam ahead.