Cryptocurrency Syscoin (SYS) saw a sharp rise of over 60% in value following its listing on Binance. The leading cryptocurrency exchange added the SYS/USDT perpetual contract with a maximum leverage of up to 50x.
The Binance Effect
The world’s largest cryptocurrency exchange Binance expanded its offerings on Binance Futures to enhance users’ trading experience. The new option includes the SYS/USDT perpetual contract, which allows a maximum leverage of up to 50x. "The maximum funding rate of the aforementioned perpetual contract at the time of launch is +2.00% / -2.00%. The funding fee settlement frequency is every four hours," the announcement reads. The option supports the Multi-Asset Mode, enabling users to trade the perpetual contract across multiple margin assets. For example, when the Multi-Assets Mode is activated, users can use BTC as margin when trading the aforementioned perpetual contract. Binance warned that it may adjust the specifications of the newly included trading option from time to time, including its funding fee, tick size, maximum leverage, initial margin, and maintenance margin requirements.
New Trading Pairs on Binance
Cryptocurrencies often experience substantial price rallies in the event of support from a major exchange like Binance. The move leads to boosted credibility, increased liquidity, improved investor sentiment, and other benefits. Earlier this month, the firm listed Toncoin (TON), introducing the TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY trading pairs. The price of the altcoin spiked by over 10% after the announcement.
Support for Meme Coins
Binance has recently enforced numerous amendments on its platform. One of its latest is the addition of the BONK/BRL and NOT/EUR trading pairs on Binance Spot. The company officially listed the meme coin Bonk Inu (BONK) in mid-December last year, adding the following trading pairs: BONK/USDT, BONK/FDUSD, and BONK/TRY. In March, it included BONK/USDC to that list. The meme coin’s price remained relatively flat following the most recent support from Binance. On the other hand, it spiked substantially when the exchange initially embraced it.
Listing on Binance often results in a sharp price increase for cryptocurrencies, as seen with Syscoin and Toncoin. Support from major exchanges significantly impacts market liquidity and credibility.
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