Crypto Market Dips: Major Layer 2 Networks and Bitcoin Prices See Declines
Crypto Market Update
The cryptocurrency market has seen significant fluctuations in the past 24 hours. The total value locked (TVL) on L2 Beat has dropped from $9.80B yesterday to $9.39B today.
Among the top Layer 2 networks, Arbitrum leads with a TVL of $2.89B, although it experienced a -4.38% change from yesterday. Blast follows with $2.03B, down -3.53%. Base holds $1.56B, marking a -4.48% decline. Optimism and Linea also saw declines, with TVLs of $688.85M (-4.79%) and $659.77M (-3.42%), respectively.
Bitcoin's price currently stands at $64,721, a drop from $66,432 yesterday. Ethereum has also seen a decrease, with its price now at $3,409 compared to $3,504 the previous day.
In fundraising news, Wasabi raised $3.00M today, bringing the cumulative fundraising for the week to $3.00M.
Several significant developments have occurred in the crypto space. VanEck is set to launch the first Bitcoin ETF on the Australian Securities Exchange after three years of effort. This marks a significant milestone for the firm and the Australian market.
RISC Zero has rolled out a production-ready zero-knowledge virtual machine (zkVM), enhancing the capabilities of blockchain technology. Meanwhile, Deutsche Telekom, the parent company of T-Mobile, has announced plans to mine Bitcoin and run Bitcoin and Lightning network nodes.
Tether has launched a gold-backed, US dollar stablecoin named Alloy. This synthetic dollar is the first step in Tether's rollout of a real-world asset tokenization platform.
Renzo has capitalized on the restaking frenzy to raise $17M from Galaxy and Brevan Howard. The funds will be used to expand the project's restaking services, including adding support for ERC-20 tokens.
