Binance Coin Price Sinks to 6-Month Low a Day After US Version Launch

BNB far outpaced Bitcoin, Litecoin, and Ethereum as it rallied nearly 600% compared to Bitcoin's 300% rise from $3,100 to $13,800.

The BNB token perked up a bit once the exchange announced that a U.S. version of Binance would soon launch.

BNB is no longer immune to Bitcoin's price action and it - along with the vast majority of altcoins - have suffered mightely since Bitcoin topped out at $13,800 and entered a prolonged period of consolidation.

Despite the disconcerting news and disappointing price action, BNB still has a lot going for it.

Future coin burns, BNB's utility for paying trading fees and processing margin trades on the futures platform should make BNB more "Useful."

US will eventually use BNB for trading fees, staking and lending.

Given Binance's ambitious plans for expanding its reach by establishing decentralized exchanges across the globe, it's not too far fetched to imagine that BNB could make its way onto decentralized finance - also known as "DeFi" - platforms like Celcius, Compound Finance, BlockFi and dYdX. With that said, BNB is not looking great in the short-term and currently continues to lose value within a descending channel.

BNB fell to $13.80, a new 6-month low not seen since March 21.

Today's abrupt 11% Bitcoin correction was strongly felt by BNB and the altcoin dropped below the descending channel.

If Bitcoin price enters a lengthy period of consolidation in the $8,000 to $9,000 range, it's possible that BNB could drop further.