• The market value of Binance Coin (BNB) dropped significantly.
  • As a result, the coin moved to the 8th place in the global rating.

 Cryptocurrency info portal CoinMarketCap changed the way it calculates BNB circulation supply. It happened several days after the cryptocurrency exchange Binance, the issue of the coin, announced the amendments to its BNB burning program.  

Thus, in the previous week, the exchange burned 808 888 BNB to the total amount of $23,838 million. Changpeng Zhao mentioned that the team did not spend the coins that were set aside for Binance ecosystem development (40% of the total issuance).

 "CMC just gave an 80M BNB haircut. They way CMC calculate Circulating Supply works only for mining coins; it does not work for projects with burn, unlocked team allocations, etc. Oh well, more room for $BNB to grow," he explained after the portal reduced the coin's market cap.

It is worth noting, that BNB's total value dropped from $4.59 billion to $3.08 billion, while the token lost two positions in the global cryptocurrency rating. Now it takes the 8th place. 

The exchange plans to burn the tokens until the circulating supply reaches 100 million BNB. Now it is 109.1 million BNB.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price analysis: BTC/USD jumps on US-China trade war escalation

Bitcoin (BTC) has built up a strong upside momentum during early Asian hours on Monday. The first digital coin has recovered from $9,900 and hit $10,665 high in a matter of hours amid strong bullish sentiments and growing trading volumes.

More Bitcoin News

The cryptocurrency market update: Bitcoin and major altcoins recover from Sunday’s sell-off

The cryptocurrency market is recovering down during early Asian hours with Bitcoin and the vast majority of altcoins navigating the green zone. The total market capitalization has settled at $268.9 billion

More Cryptocurrencies News

Litecoin price analysis: LTC/USD regains some ground, still below critical $80.00

At the time of writing, LTC/USD is changing hands at $74.30. The coin recovered above $74.00 during early Asian hours amid strong bullish momentum on the cryptocurrency market. 

More Litecoin News

Ripple technical analysis: XRP/USD sustained uptrend hints breakout above $0.3

Ripple price is lethargic under $0.28 short-term hurdle but $0.27 is a credible support area in the short-term. Despite the visible declines in the short timeframe charts, XRP/USD has sustained an uptrend from August lows close to $0.24.

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast

BTC

ETH

XRP