Crypto Market Faces Turbulence: Layer-2 TVL Drops, Bitcoin and Ethereum Prices Down
The cryptocurrency market is experiencing significant turbulence, with notable shifts in key metrics and ongoing developments in the ecosystem.
The total value locked (TVL) on Layer-2 networks has taken a hit, dropping from $9.57 billion yesterday to $9.19 billion today. This decline is evident across the top Layer-2 networks:
- Arbitrum: $2.99B, down 3.94% from yesterday
- Base: $1.60B, down 4.43% from yesterday
- Blast: $1.07B, down 6.20% from yesterday
- Scroll: $732.66M, down 1.38% from yesterday
- Optimism: $664.45M, down 2.82% from yesterday
Bitcoin’s price has also seen a downturn, currently at $60,856, compared to $61,449 yesterday. Ethereum follows a similar trend, with its price falling below $3,000 to $2,938, down from $2,984. This drop in ETH price is attributed to whales selling off $1.8 billion worth of ETH, as reported by BeInCrypto.
In the realm of fundraising, no new rounds have been reported today due to the weekend. However, the cumulative fundraising over the current week stands at $104.68 million.
Galaxy Research has released a concerning analysis indicating that most Bitcoin Layer-2 networks may struggle to survive. The report highlights that Bitcoin rollups will require millions of dollars annually just to cover transaction fees.
WazirX is facing backlash from the crypto community over its 'socialized losses' plan following a hack. The firm is now tasked with regaining trust from its users and the wider crypto community.
Bitcoin's price has slumped to $62,000 as bulls bet on the M2 money supply. This modest comeback follows a sharp decline towards $60,000, mirroring global stock movements.
Despite the overall bearish market, some traders have managed to turn a profit. A Solana meme coin trader made a staggering 4,497x profit amid the downturn, showcasing the unpredictable nature of the crypto market.
