The Crypto Report: 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 Decentraland 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.