Bitcoin and Ethereum lose weekend gains as crypto markets manage to hold the line

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The crypto markets this morning opened below Friday levels after a strong weekend trade, with total market capitalisation holding just above the US$1tln support line, 

Bitcoin trended as high as US$23,700 on Saturday before correcting back to US$22,000 this morning, while Ethereum’s early-hours trading price of US$1,526 7% below weekend highs.

Play-to-earn (P2E) big hitters Axie Infinity and Deentraland both shaved over 8% off from weekend highs.

The former is struggling to shake off bad press following a US$600mln hack and sliding player count which precipitated a 90% decline over the year

There were few strong risers this Monday, although US$385mln derivatives exchange Synthetix and blockchain protocol XDC Network both opened in the green.

Other blockchain networks including Cosmos, Avalanche, Solana and Polygon all dropped by over 5% in the past 24 hours.

Th decentralised finance (DeFi) space is holding relatively strong; total volumes across all protocols fell by a modest 2.3% over the weekend.

In the news

UK bank Barclays is taking a stake in US$2bln crypto platform Copper, Sky News has reported.

The Switzerland-based, multifaceted trading platform counts former UK chancellor Phillip Hammond among its board of advisors.

Gamestop’s recently launched NFT platform hit controversy after a spoof of the famous Falling Man photograph — which depicts a man falling from the World Trade Centre during the September 11 attacks — was listed on the marketplace.

The NFT, which replaced the individual with an astronaut, has since been delisted by Gamestop.

Disgraced Three Arrows Capital co-founder Su Zhu briefly emerged from hiding after five weeks to discuss the hedge fund’s collapse with Bloomberg.

Speaking from an undisclosed location, Zhu called the bankruptcy “regrettable” and defended allegations that he absconded funds before going into hiding