Read this article on bsc.news The @PythNetwork$PYTH token has risen by almost 5% over the past 24 hours, trading near $0.067 on CoinGecko. The move came despite a weaker backdrop for the wide
The @PythNetwork$PYTH token has risen by almost 5% over the past 24 hours, trading near $0.067 on CoinGecko. The move came despite a weaker backdrop for the wider cryptocurrency market.
One possible driver is Pyth's new status as an approved distributor of market data from the New York Stock Exchange (@NYSE). The network announced the launch on November 11, according to Coinpaper.
Pyth now distributes NYSE Best Quote and Trades (BQT), a real-time Level 1 feed. CoinCentral reports that the product pulls data from all five NYSE Group equity exchanges: NYSE, NYSE American, NYSE Arca, NYSE National and NYSE Texas.
According to Crypto Economy, the feed includes best bid and offer with size, trades, closing prices, consolidated volume and market-status messages. The arrangement gives blockchain applications, tokenized equity platforms and equity perpetual futures venues a source of exchange-originated pricing.
Access has conditions. Clients must license NYSE BQT directly from NYSE and receive it through Pyth under the exchange's market-data policies, crypto.news reports. The same report quotes Anthony Zawadzki, NYSE's head of data and digital asset products, who said the collaboration gives builders and institutions a new way to access NYSE data.
The NYSE feed follows Pyth's earlier approval to distribute Nasdaq Basic. As Altcoin Buzz notes, the NYSE addition came just weeks after that approval. Pyth can now offer licensed data from both major US exchange groups through a single marketplace.
PYTH has a market capitalisation of about $517 million, with daily trading volume of $33.9 million. The token remains well below its March 2024 peak of about $1.20, though it is roughly 123% above its all-time low.
The link between the NYSE announcement and the price move is not confirmed. Price gains on a single day can reflect several factors, and the data feed does not directly change token supply or demand. The commercial impact will depend on how many clients license the NYSE data and build on it.
Sources:
