Crypto Market Dips, AI Crypto Transactions, and Legal Wins Highlight the Week
Crypto Market Update
The current state of the cryptocurrency market is marked by a slight dip in the Total Value Locked (TVL) on Layer 2 (L2) networks. According to L2 Beat, the TVL stands at $7.95 billion, down from $8.05 billion yesterday.
Among the top-5 L2 networks, Arbitrum holds the highest TVL at $2.65 billion, reflecting a 1.14% decrease from the previous day. Base follows with $1.51 billion, also experiencing a 1.02% decline. Blast's TVL is at $788.57 million, showing a 2.02% drop. Scroll, however, saw a 0.61% increase, bringing its TVL to $707.37 million. Optimism rounds out the top five with a TVL of $585.50 million, down 1.90% from yesterday.
Bitcoin's price has seen a minor drop, currently priced at $58,175 compared to $58,966 yesterday. Similarly, Ethereum has decreased to $2,479 from $2,513.
In the fundraising landscape, there is no new funding reported today due to the weekend. However, cumulative fundraising over the current week totals $185.22 million.
Significant news in the crypto world includes Coinbase CEO Brian Armstrong's announcement of the first AI-to-AI crypto transactions. Armstrong revealed that AI agents have started making crypto transactions among themselves, marking a new era in digital payments.
In legal news, the Supreme Court of British Columbia has ordered a $1.2 million repayment in a Bitcoin loan dispute, showcasing the increasing legal recognition of cryptocurrencies.
Cardano founder Charles Hoskinson has announced plans to develop a decentralized social network in Brazil following a ban on the social media platform X. This move highlights the ongoing push for decentralized solutions in response to centralized platform restrictions.
Elon Musk has hinted at the potential return of Dogecoin as a payment option for Tesla merchandise after a recent court win. While Musk's support is evident, it's uncertain whether Tesla will reinstate Dogecoin payments, which were previously removed without explanation.
Solana’s Pump.fun has generated $100 million in revenue, though it faces rising competition from imitators like SunPump on Tron, which is starting to erode its market dominance.
