Syscoin (SYS) Sees Near-Record Volumes on Binance Listing
The price remains depressed , and the effect of increased Binance speculation will be seen in the coming weeks.
Syscoin (SYS) saw the highest trading volumes in the past three months, as listing on Binance immediately added much-wanted activity. The SYS digital asset is behind the network of decentralized online stores.
We’re happy to announce @Syscoin is now listed on @Binance. You can trade it here https://t.co/JGJY9idkle. This is a great addition the #Syscoin ecosystem! #fintech $SYS #blockchain #Decentralized #marketplace pic.twitter.com/57LwVHYQIc— Syscoin (@syscoin) March 28, 2018
Syscoin fell by 5.6% on Thursday, down to $0.34, making even sharper regains against BTC. Syscoin has been around since 2015, trading sideways with a sub-penny price, before spiking to current levels in 2017, along with other altcoins.
On the positive side, Syscoin has a working marketplace integrated into its wallet. But in 2018, Syscoin is facing some regulatory hurdles, mostly in discussion with the US Securities and Exchange Commission. More and more projects are being investigated and the digital assets tested for being exempt from security status.
As a result of the need to prove that the organization is not spreading unregistered securities, the launch of Syscoin 3.0, a marketplace and ecosystem with additional complexity, has been rescheduled to April 30.
“Given the recent SEC update, this analysis is more important than ever, especially as some trading platforms have been delisting tokens that have not made an effort to take compliance seriously,” wrote the company in a blog.
It is unknown how the news would affect the Binance trading levels and price bidding. Binance is not under the authority of regulators, and because it is a crypto-only exchange, the price of SYS is up to the international community, or Asian traders, to define.
Binance has listed SYS in pairs against BTC, ETH, and Binance Coin (BNB), as it usually lists new pairs. Immediately, trading on the exchange took over more than 36% of SYS daily volumes, displacing Upbit as the top exchange. But within the exchange, the asset is still out of the spotlight, while traders are focusing on other assets, this time TRON (TRX) taking the lead.
With the addition of Binance, SYS is getting a slightly different risk profile. But with markets in correction, the coin is far from the peak near $1, and remains volatile. Because the leading SYS trading is against Bitcoin, and the dollar price is set that way, the fate of SYS is tied up with the position of BTC, which is having another period of weakness around $7,500.