Crypto Market Dips: Bitcoin Struggles, Arbitrum Leads, Galaxy Digital Raises $113M
Crypto Market Update
The cryptocurrency market is experiencing notable fluctuations. The Total Value Locked (TVL) across Layer 2 (L2) solutions has seen a slight dip, currently standing at $9.91 billion, down from $10.02 billion yesterday.
Among the top L2 networks, Arbitrum leads with a TVL of $3.22 billion, despite a 0.56% decline from yesterday. Base follows with $1.72 billion, showing a marginal decrease of 0.13%. Blast's TVL is at $1.18 billion, marking a significant drop of 2.89%. Scroll and Optimism have also seen reductions, with TVLs of $767.88 million and $721.93 million, down by 0.98% and 2.69% respectively.
Bitcoin (BTC) is currently priced at $66,190, a decrease from $66,810 yesterday. Analysts warn that BTC price liquidations could start below $64,000, as $66,000 struggles to hold as support. Ethereum (ETH) is trading at $3,320, up slightly from $3,316 yesterday.
In the fundraising arena, today's total funding amounts to $2.20 million. The largest rounds include Liquorice raising $1.20 million and Agent Exchange securing $1.00 million. Cumulatively, this week has seen $12.73 million raised in the crypto space.
In other news, billionaire Mike Novogratz’s Galaxy Digital has raised $113 million for its new Galaxy Ventures Fund I LP, aiming to invest in digital asset startups. This fund will focus on crypto software, infrastructure, and financial applications.
Router Protocol has announced the mainnet launch of Router Chain, marking a significant milestone in its goal to create a robust blockchain ecosystem.
Meanwhile, a high-stakes court case is challenging the SEC’s oversight of the NFT market. Artists Brian Frye and Jonathon Mann have filed a lawsuit questioning the SEC's regulatory grip on this emerging industry.
On the innovation front, IoTeX is making strides in bridging the gap between blockchain and everyday technology. CEO Raullen Chai discusses the company’s roadmap for integrating blockchain with real-world applications, addressing key issues like privacy, scalability, and user adoption.
