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Over the weekend, the broader crypto market saw a slight uptick in trading volumes. BTC ended its nine-week losing streak by closing 1.5% higher than it opened a week ago. The largest crypto by market cap has gained more momentum on Monday morning (Asian trading hours). As of the time of writing, BTC is stabilizing above the $31k level after rising by 5% in a matter of hours. However, some analysts believe that BTC's price action will remain weak until it can establish a stronger foothold above the $31k-$32k range. Meanwhile, a significant volume has been transferred to exchanges over the weekend, while exchange inflow CDD hits a 17-month high.
In a similar vein, ETH is inching up to test resistance at the $1,900 handle after posting a 4.6% gain during the same period. Major altcoins are largely in the green, with ADA and AVAX leading the pack on double-digit percentage gains.
In the derivatives market, funding rates for perpetual contracts across major exchanges have been trending down, but have largely remained in the neutral zone. Meanwhile, in the options market, there was a drop in the skewness as Bitcoin rebounded over the weekend, indicating relief from extreme bearish sentiment. Despite significant fluctuations, the gamma exposure for both BTC and ETH has remained positive.
StepN, a "Move-to-Earn" game that recently rose to fame on the back of their Solana-based NFT sneakers, has fallen victim to a number of distributed denial-of-service (DDoS) attacks over the weekend. The issue was first revealed on Saturday when the team announced on Twitter that they were "experiencing network issues". The congestion was triggered by a 25 million DDoS attack that was sent to the server within a short period of time, and resulted in many users being falsely identified as bots. According to StepN's subsequent tweets, the team is still working to fix the issues, as "securing the servers and recovery may take anywhere from 1 to 12 hours."