Bitcoin and Ethereum keep it steady while DeFi takes a breather

Global crypto markets opened at US$1.086tln this Monday morning, 1.3% lower from Friday’s trade.

Bitcoin was hovering above the US$23,300 price line in the opening hours, with Ethereum changing hands US$1,690.

The biggest weekend riser was decentralised storage protocol Filecoin, having rallied 70% to bring its market capitalisation above the US$2.5bln point.

Contributing to the rally was the announcement by Holon Global Investment of a Filecoin retail fund available to Australia-based investors.

The decentralised finance (DeFi) space took a small hit over the weekend, having dropped below the US$90bln total value locked (TVL) barrier.

One of the sharpest DeFi fallers over the weekend was decentralised exchange Uniswap, having shed 8.5% of its market cap.

Decentraland’s play-to-earn (P2E) token MANA briefly spiked above US$2bln on Saturday before dropping 10% to US$1.8bln in Monday’s opening hours.

In the news

The human cost of Celsius Network’s multi-billion-dollar insolvency is coming to light in the form of hundreds of letters sent by clients of the crypto lender to Chief Judge Martin Glenn.

Many letters pointed out the “lies and fraudulent actions” of founder and CEO Alex Mashinsky, while pleading for access to their life savings.

FTX is the first centralised crypto exchange to obtain a full operating licence from Dubai’s Virtual Asset Regulatory Authority, paving the way for FTX’s expansion into the United Arab Emirates.

Having emerged as a leading crypto hub in the Middle East, Dubai plans to become a top-10 city globally for the metaverse economy.

Rock trio Muse will be the first band to release a chart-eligible NFT with its upcoming ninth studio album Will of the People.

A total of 1,000 NFTs digitally signed by the band will be minted; buyers will receive a digital download of the album and have their name inked on a roster of official purchasers.