Crypto Market Dips: Layer 2 TVL Falls, Bitcoin and Ethereum Prices Drop, Fundraising Surges
Crypto Market Update
The cryptocurrency market has seen a notable decline in the Total Value Locked (TVL) in Layer 2 (L2) solutions. According to L2 Beat, the current TVL stands at $9.59 billion, down from $9.88 billion yesterday.
Breaking down the top-5 L2 networks, Arbitrum leads with a TVL of $3.12 billion, reflecting a -2.52% change from yesterday. Base follows with $1.66 billion, showing a -3.11% decrease. Blast has $1.15 billion, down by -3.44%. Scroll's TVL is $744.68 million, a -2.99% drop. Lastly, Optimism stands at $692.35 million, which is a -3.81% decline.
In the broader crypto market, Bitcoin's (BTC) price has dropped to $63,089 from $64,704 yesterday. Ethereum (ETH) also saw a decline, now priced at $3,126 compared to $3,231 yesterday.
On the fundraising front, the crypto sector secured a total of $37.20 million today. The biggest rounds include Layer2 Financial raising $10.70 million, Daylight with $9.00 million, and Icebreaker securing $5.00 million. Cumulatively, this week has seen $104.68 million in fundraising.
Galaxy Digital reported a widening net loss for the second quarter as the crypto market retreated from its first-quarter highs. Meanwhile, Ledn's crypto lending surged, processing $1.16 billion in loans primarily to ETF market makers, thanks to the boost from Bitcoin ETFs.
In significant funding news, Morpho, a crypto lending firm, raised $50 million in a round led by Ribbit Capital, including investments from a16z, Coinbase Ventures, Variant, Pantera, and Brevan Howard.
Crypto.com has surpassed Coinbase in trading volume, driven by increasing institutional demand and the launch of the first spot Ether ETFs. Additionally, AltLayer has unveiled a design proposal for stateless rollup clients, aiming to enhance performance, security, and scalability.
