Binance Exchange faced significant uncertainty last November when CZ was found guilty and the exchange was fined. However, the process concluded faster than expected due to the new CEO and the company’s moderate policies. The approach of working in harmony with necessary state institutions and regulators cleared the dark clouds over the exchange, and investor interest continued to grow. Following this period, Binance accelerated its listings and delistings, and just moments ago, made a new move.
Futures Trading Begins for Altcoin
An announcement made by Binance moments ago excited futures investors. The exchange announced that Syscoin (SYS), which ranks 339th in market cap, will be listed in futures trading with up to 50x leverage.
The announcement from the exchange was as follows:
Dear Binancians,
To expand the trading options offered on Binance Futures and enhance users’ trading experience, Binance Futures will launch the SYSUSDT Perpetual Contract with up to 50x leverage at 12:30 (UTC) on 2024-08-19.
More details about the perpetual contract can be found in the table below:
The announcement stated that SYS trading would start today at 15:30 and would be supported up to 50x leverage. Following the announcement, the price visibly increased.
How Much is SYS Now?
After the news, attention turned to the SYS price. The price clearly increased. Before the news, the price was around $0.11, and within minutes, it rose by 79% to reach $0.15.
The price increase also triggered a rise in market cap, which exceeded $120 million at the time of writing. Finally, the trading volume also supported the sharp price increase, rising by 343% to surpass $80.4 million.
