Crypto Market Drops: TVL Declines, Bitcoin Rises, and AI Deepfake Scams Surge
The cryptocurrency market is experiencing notable fluctuations. The Total Value Locked (TVL) across Layer 2 (L2) networks has decreased from $8.03 billion yesterday to $7.80 billion today.
Among the top L2 networks, Arbitrum leads with a TVL of $2.61 billion, reflecting a 3.19% drop from the previous day. Base follows with $1.47 billion, down 2.92%. Blast holds $767.59 million, a 2.63% decrease. Scroll's TVL stands at $686.27 million, down 3.60%. Optimism rounds out the top five with $575.17 million, a 1.92% decline.
Bitcoin (BTC) has seen a slight increase, currently priced at $58,112, up from $57,701 yesterday. Ethereum (ETH) also shows a marginal rise, now at $2,456 compared to $2,448 the previous day.
In the fundraising arena, today's total stands at $19.74 million. The largest round was secured by Hypernative, raising $16.00 million. CryptoHunter World followed with $2.80 million, and onocoy raised $940K. Cumulative fundraising for the week has reached $30.74 million.
Security concerns are heightened as North Korean hackers have escalated their crypto heists, doubling stolen funds to $1.6 billion. These sophisticated attacks pose significant risks to the security of digital assets and the global financial system.
On the economic front, former St. Louis Fed President James Bullard suggests that a soft landing has been achieved. He predicts multiple rate cuts this year, indicating a potential dovish turn by the Fed in response to cooling inflation pressures.
In other news, Japan’s Sakana AI has partnered with Nvidia for research, raising $100 million in a Series A funding round. This partnership aims to enhance Japan’s AI industry.
Ripple is set to launch its RLUSD stablecoin, which will be fully backed by U.S. dollar assets. The stablecoin will operate on the XRP Ledger and Ethereum blockchain, with issuance expected in weeks, not months.
AI deepfake crypto scams are on the rise, as highlighted by Gen Digital’s report. Scammers are increasingly using AI deepfakes to exploit targets based on prevalent concerns such as love, financial security, and elections.
