The crypto markets went into stabilisation mode over the weekend following Friday’s sudden reversal, clawing back 1.5% to bring global market capitalisation to US$1.02tn.
Bitcoin is staying well below the key US$22,000 line for the moment, changing hands at US$21,400 at the latest reading.
Ethereum plotted a similar course, having stabilised over the weekend at the US$1,600 price point.
Large-cap blockchain networks including Cardano, Polkadot, Polygon, Avalanche and Solana also managed to stabilise; although Solana outpaced the market with a 2.6% rally in the past 24 hours, bringing market cap to US$12.6bn.
On the other hand, mid-cap blockchain networks EOS and Elrond were among the strongest altcoins, having added 8% and 4.5% respectively in the past day.
As for the meme coins, Shiba Inu is highly volatile right now, experiencing sharp swing highs and swing lows between US$7bn and US$7.5bn, while Dogecoin is settling just above US$9bn.
The Celsius short squeeze seems to be losing ground, with the bears knocking close to 15% from CEL token’s market capitalisation this Monday morning.
Total volumes across the decentralised finance (DeFi) space fell over 4% to US$61.4bn over the weekend.
In the news
Financial documents seen by CNBC show that FTX’s flurry of global acquisitions is paying off for the crypto exchange, with revenues soaring more than 1,000% from US$89m to US$1.02bn in 2021.
The company, which is led by investor Sam Bankman-Fried, continued to rake in US$270m in revenue in the first quarter of 2022, although it is unclear how the crypto winter impacted the company in the last quarter.
Bitcoin ATM manufacturer General Bytes – which operated nealy 9,000 Bitcoin ATMs globally – had its servers hacked following a software update on August 19.
The attack allowed hackers to redirect funds to their personal wallet addresses, although the severity of the hack as as yet unclear.