Binance Coin price (BNB/USD) pulls-back sharply following Monday rally

The Binance Coin price (BNB/USD) has seen a big downward correction after rising to a three-month high on Monday.

Binance’s digital coin saw a big surge on Monday, with its price rising to as high as $9.82 in late morning trading. This was BNB’s highest price level since November 8, according to data from digital currency tracker Coinmarketcap. However, the coin subsequently gave up a significant portion of its earlier gains, as its performance weakened in the afternoon. Still it finished the session at $9.55, well above its opening price of $9.19.

The coin has seen further losses in today’s trading and even dropped below the $9 mark in recent trading. While BNB has since managed to reclaim the level, it still remains well below the level of its yesterday’s close. At the time of writing, the Binance Coin price was hovering around $9.10.

In other Binance-related news, the company’s chief executive officer Changpeng Zhao announced earlier today that the firm will launch a testnet version of its decentralised crypto trading platform later this month.

“Targeting to release Binance Chain testnet (@binance_dex) for public testing on Feb 20th. This is a testnet, your feedback would be most valuable,” Zhao posted on Twitter.

Binance DEX will be running on the company’s proprietary blockchain, Binance Chain. Binance will charge a flat fee of 0.01 BNB for transfers on Binance Chain. The company intends to migrate the BNB token from the Ethereum blockchain to Binance Chain.

In today’s trading, the Binance Coin price stood at $9.08, as of 16:36 GMT. The digital coin has lost 4.2% of its value in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at $1.28 billion, which makes BNB the tenth-largest digital currency hon the market.