Bitcoin Surges Past $84K as Crypto Market Recovers Amid Easing Inflation and Layer 2 Growth
The cryptocurrency market is showing signs of recovery, with Bitcoin (BTC) currently priced at $84,199, up from $82,692 yesterday. This uptick comes amid easing inflation concerns in the U.S., which could propel Bitcoin towards the psychological barrier of $90,000. Markus Thielen, CEO of 10x Research, suggests that the upcoming Federal Reserve decision may serve as a catalyst for this potential rally.
Ethereum (ETH) is also experiencing positive momentum, trading at $2,031, a significant increase from $1,928 just a day prior. This price action reflects a broader resurgence in the crypto market as investor sentiment shifts.
Total Value Locked (TVL) on Layer 2 Networks
The total TVL on Layer 2 networks has risen to $6.45 billion, up from $6.09 billion yesterday. This growth indicates increasing interest in Layer 2 solutions as scalability concerns continue to drive innovation in the Ethereum ecosystem.
Top 5 Layer 2 Networks by TVL
- Base: Current: $3.12 billion, Yesterday: +9.47%
- Arbitrum: Current: $2.55 billion, Yesterday: +2.78%
- Mantle: Current: $232.54 million, Yesterday: +2.28%
- Linea: Current: $154.19 million, Yesterday: +3.51%
- Blast: Current: $124.77 million, Yesterday: +2.36%
Recent Fundraising Highlights
Today, the crypto space has seen a total fundraising amount of $91.95 million, contributing to a cumulative total of $161.25 million for the week. Notable funding rounds include:
- VIA: $28.00 million
- Crossmint: $23.60 million
- Halliday: $20.00 million
Key Developments in the Crypto Space
In a significant legal victory, Ripple announced that the SEC has dropped its landmark case against the company. This outcome could set a precedent for future cryptocurrency regulations in the U.S.
Tastytrade has expanded its crypto trading options by adding five new digital assets, powered by Zero Hash. This move reflects the growing demand for crypto trading, especially after record volumes in Q4 2024.
Ark Invest's CEO, Cathie Wood, has expressed interest in tokenizing the company's venture fund, highlighting the firm’s strategy to leverage the tokenization trend despite regulatory hurdles in the U.S.
Conversely, Bakkt's stock has faced a severe downturn, plummeting nearly 30% after losing key clients like Bank of America and Webull. This loss represents a significant blow to Bakkt, which relied heavily on these partnerships for revenue.
