Major cryptocurrencies traded flat over the weekend, with alternative tokens showing muted price movement as markets seemed to stabilize following one of the largest liquidation events in recent months. Bitcoin remained steady at around $26,000 with ether little changed from Sunday’s $1,670. “So long as bitcoin continues to hold above $25,000 on a weekly close basis, we suspect we will see renewed demand and a push back to the topside in the days ahead,” crypto exchange LMAX Digital said in a morning note. “If this happens, ether and the rest of the crypto space should follow along.” Meme coin shiba inu (SHIB) slid 2%, increasing losses to more than 21% in the past week following the botched launch of its Ethereum layer 2 network, Shibarium. Transactions stalled in the hours after the network went live last Wednesday, with over $1.7 million worth of tokens in a bridge – a tool used to transfer tokens between two blockchains – said to be stuck owing to a bug in the code.

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Author: Lyllah Ledesma, Omkar Godbole

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