Bitcoin and Major Cryptocurrencies Fall as Leverage Unwinds, CAT Token Surges 60% on Binance Futures

The broader market CoinDesk 20 (CD20) fell 2.1% in a truly bloody trading day. Traders liquidated more than $165 million in long positions, highlighting a highly leveraged market that often signals upcoming volatility. analysts said Bitcoin And Ethereum will probably remain in a tight range for another week.

Despite this overall decline, Simon’s Cat’s CAT token jumped a whopping 60% from its listing. Binance Futures.

CAT’s trading volume exploded from $80 million on Sunday to $422 million in the last 24 hours, reflecting strong interest in the meme token. Linked to the popular Simon’s Cat brand, the token quickly gained popularity within the cryptocurrency space.

Market observers remain cautious, expecting limited movement until Bitcoin breaks above the key resistance level of $70,000. Ethereum is nearing resistance around $2,800, but traders don’t expect a major catalyst anytime soon.