Early Tuesday, the cryptocurrency market fell off a cliff, with Bitcoin and other major tokens in the red. Bitcoin briefly crossed $70,000 over the weekend but slid 2.2% to stay just over $67,000. Meanwhile, Ethereum inched down by about 3% along with TON and ADA by around 3%.
The wider market – the CoinDesk 20 (CD20) – was down 2.1% on a truly bloody day of trading. Traders liquidated more than $165 million in long positions, highlighting a highly leveraged market that often signals upcoming volatility. Analysts said Bitcoin and Ethereum would probably keep to a tight range for the week.
Despite this across-the-board decline, Simon’s Cat’s CAT token jumped an astonishing 60% on listing at Binance Futures.
Trading volumes for CAT exploded from $80 million on Sunday to $422 million in the past 24 hours, reflecting strong interest in the meme token. The token, tied to the popular Simon’s Cat brand, has quickly gained traction within the crypto space.
Market watchers remain cautious, anticipating limited movement until Bitcoin breaks above the key $70,000 resistance level. Ethereum nears its resistance around $2,800, though traders don’t expect any major catalysts soon.
