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Over the weekend, the broader crypto market saw a slight uptick as major digital assets reversed their Friday losses. However, BTC has been continuing its choppy sideways movements on the back of a low trading volume. As of the time of writing, the largest cryptocurrency by market cap is stabilizing just above the $30k handle, a support line that it has been holding for the past 10 days, after rising by 2.8% in the last 24 hours. The $31k to $32k region presents strong resistance levels to BTC's future price actions, and BTC will only see accelerated upside gains after these levels are breached.
BTC's derivatives market saw an uptick in funding rates in the past week. However, the rates from major exchanges are still lingering within the neutral to negative territory. This suggests that although a bearish sentiment still currently dominates, the crypto market may actually be moving towards a state of temporary stability in the near-term. A similar sentiment can be found within the options market. Both IV curves and option skewness have not changed much in the past week, indicating a "pause" from downside pressures until bearish actions resume.
Popular NFT marketplace OpenSea has recently launched a new marketplace protocol dubbed Seaport, one that will allow users to acquire NFTs in a number of new ways. The protocol will make it possible for users to bundle assets (other than payment tokens) in exchange for NFTs. It will also allow users who are indifferent to the design of NFTS to bid on specific traits from a collection.