Recent Binance Updates, Shibarium Revival and More: Bit Roundup October 24th

TL;DR

Binance introduced 1000 CATUSDT perpetual contracts and withdrew four altcoins, causing significant price drops. Shibarium daily transactions increased substantially, but the price of SHIB decreased by 2% for the week. Bitcoin (BTC) saw a lot of volatility, falling below $65,500 before recovering around $67,200. The latest Binance fixes

The largest crypto exchange continues to expand its list of trading options to respond to current market trends. Earlier this week, it launched 1000 CATUSDT perpetual contracts on its futures platform. The offering allows leverage of up to 75x and supports multi-asset mode.

Somewhat expected, Simon’s Cat (CAT) experienced a substantial rally shortly after the announcement. Its price exploded 65% daily, while its market capitalization approached $250 million. The resurgence continued in the following days, with the CAT rating increasing by a further 7% in the last 24 hours.

In addition to adding new services, Binance regularly removes some existing cryptocurrencies due to factors such as poor liquidity and trading volume.

As reported by CryptoPotato, the latest delisting affected Rupiah Token (IDRT), Keep3rV1 (KP3R), Ooki Protocol (OOKI), and Unifi Protocol DAO (UNFI). Altcoins will no longer be available on the platform from November 6th, while withdrawals will be supported until February 6th, 2025.

KP3R, OOKI and UNFI experienced significant declines following the disclosure, with their prices plummeting by approximately 40% each.

Shibarium is back in the headlines

Shiba Inu’s Layer 2 blockchain solution has made an impressive comeback in recent days. On October 22, the number of daily transactions processed on the network increased to 1.77 million, an increase of almost 1,300% on a 24-hour scale. The number continued to rise, reaching 3.24 million the next day. These high levels were last seen in February this year.

Shibarium enhances the ability of the Shiba Inu ecosystem to handle more transactions efficiently, making it easier for users to adopt the platform for decentralized applications. This could lead to greater demand for SHIB as a utility token, which could increase its value. Despite the reactivation of the protocol, the price of the meme coin is in the red on a weekly basis, down 2%.

SHIB Price, Source: CoinGecko BTC Highs and Lows

Last but not least, we’ll talk about the main cryptocurrency, which has seen a lot of volatility lately. Its price started the week above $69,000, with numerous industry participants predicting further gains above the psychological $70,000 mark.

Contrary to these expectations, BTC headed south in the following days, falling below $65,500 on October 23. The bulls, however, reacted instantly, increasing the price by two thousand in a matter of hours. The asset is currently worth around $67,200 (according to CoinGecko data), representing a 10% increase on a two-week scale.

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