Crypto Market Faces Turbulence: TVL Drops, Bitcoin Below $60K, MicroStrategy Buys More BTC
The cryptocurrency market faced a turbulent weekend, evidenced by the total TVL on L2 Beat dropping from $9.19B yesterday to $8.89B today. The top Layer-2 networks also saw declines in their TVL. Arbitrum's TVL is now at $2.90B, showing a -2.85% change from yesterday. Base experienced a -2.90% decline, bringing its TVL to $1.56B. Blast, Scroll, and Optimism saw reductions of -3.77%, -2.27%, and -3.81%, respectively.
Bitcoin's price plunged under $60K, currently at $59,032, down from $60,734 yesterday. This decline contributed to crypto bulls losing nearly $200 million in the past 24 hours. Ethereum also faced a price drop, now trading at $2,826, down from $2,906.
Despite the bearish market, MicroStrategy plans to sell $2 billion in shares to buy more Bitcoin, aiming to increase its holdings to 226,500 BTC. This move demonstrates a strong belief in Bitcoin's long-term potential, even amid broader market negativity.
In other news, Solana's DeFi trading volume topped Ethereum for the first time in July, driven by the explosion of meme coins. Experts are now calling Solana the "blockchain of fun and for the people." Meanwhile, BlackRock's BUIDL fund paid out $2.12 million in dividends in July, reflecting growing institutional interest in tokenized money market funds.
Fundraising activities took a pause over the weekend, with no significant rounds reported today. However, cumulative fundraising over the current week stands at $104.68 million.
In a non-crypto-related development, Argentina plans to adopt AI to predict and prevent future crimes. The government claims this will help prevent crimes before they occur, though some experts remain skeptical.
