Bijie.com reported:
Binance has launched the 1000CATUSDT perpetual contract and delisted four altcoins, causing a significant price drop.
The daily trading volume of Shibarium has skyrocketed, but the price of SHIB has dropped by 2% this week.
Bitcoin (BTC) experienced high volatility, falling below $65,500 and then rebounding to around $67,200.
Binance’s latest revision:
The largest cryptocurrency exchange continues to expand its options trading list in response to ongoing market trends.
Earlier this week, it launched the 1000CATUSDT perpetual contract on its futures platform. This product allows leverage of up to 75x and supports multi-asset mode.
As expected, Simon’s Cat experienced a significant rebound shortly after the announcement. Its price surged 65% daily, reaching a market cap of nearly $250 million. The recovery continues in the following days, with CAT’s valuation soaring another 7% in the past 24 hours.
Additionally, Binance periodically delists some existing cryptocurrencies and introduces new services to increase liquidity and trading volume.
According to CryptoPotato, the latest wave of delistings has affected Rubi Token (IDRT), Keep3rV1 (KP3R), Ooki Protocol (Ooki), and Unifi Protocol DAO (UNFI). From November 6th, these altcoins will no longer be available on the platform, but withdrawals will be supported until February 6th, 2025.
The prices of KP3R, OOKI, and UNFI plummeted approximately 40% each after the disclosure.
Shibarium makes headlines again as Shiba Inu’s layer-two blockchain solution has made an impressive comeback in the past few days. On October 22nd, the daily transaction volume processed on the network soared to 1.77 million, a nearly 1300% increase within 24 hours. This number continued to climb, reaching 3.24 million the next day. The last time such high levels were observed was in February this year.
Shibarium enhances the Shiba Inu ecosystem’s ability to efficiently process more transactions, making it easier for users to adopt the platform for decentralized applications. This may lead to an increase in demand for SHIB as a utility token, potentially driving up its value. Despite the protocol’s relaunch, the meme coin’s price has been in a weekly loss, dropping by 2%.
Lastly, but not least, let’s talk about the major cryptocurrencies that have experienced significant volatility recently.
BTC started the week with an opening price above $69,000, with many industry participants envisioning a further rise above the psychological level of $70,000.
Contrary to these expectations, BTC fell in the following days, breaking below $65,500 on October 23rd.
However, the bulls reacted swiftly, pushing the price up by $2,000 within a few hours. Currently, the asset is valued at around $67,200 (according to CoinGecko data), representing a 10% growth in two weeks.