Crypto Market Faces TVL Decline, Bitcoin and Ethereum Prices Drop Amid Fundraising Slowdown
The cryptocurrency market is experiencing notable fluctuations, with the Total Value Locked (TVL) on L2 Beat currently standing at $8.99 billion, down from $9.45 billion yesterday. This decline is reflected across the top Layer 2 networks.
Arbitrum's TVL has dropped to $2.74 billion, marking a 5.31% decrease from the previous day. Similarly, Blast's TVL has fallen by 8.30% to $1.81 billion. Base saw a 3.49% dip, bringing its TVL to $1.54 billion. Optimism and Linea also experienced declines, with TVLs of $669.78 million (-4.02%) and $653.37 million (-4.18%), respectively.
Bitcoin (BTC) is currently priced at $61,093, down from $63,313 yesterday. Ethereum (ETH) has also seen a decrease, now trading at $3,293 compared to $3,418 the previous day.
On the fundraising front, today saw a total of $4.15 million raised, all of which was secured by SoSoValue. This brings the cumulative fundraising over the current week to zero, highlighting a slow period in venture capital activity within the crypto space.
In recent news, CoinShares has secured a 116% return from the sale of its FTX claim, amounting to $39.78 million. The company plans to reinvest these funds into growth opportunities and enhanced client services.
Deutsche Bank-backed Taurus has expanded its digital asset custody and issuance offerings to the Stellar Network. This move aims to leverage Stellar's blockchain technology to enhance Taurus's infrastructure services.
Investor interest in bitcoin miners is surging, driven by Core Scientific's AI hosting deal. According to a JP Morgan report, this has resulted in a $4 billion increase in the aggregate market cap of bitcoin miners.
Nvidia is making waves in the Middle East by partnering with Qatari telecom provider Ooredoo to bring advanced AI technology to the region. This expansion comes amid US export restrictions on AI technology.
Bitcoin miner Hut 8 has secured a $150 million investment from Coatue Management. This investment is aimed at leveraging Hut 8's high-performance computing capabilities to power generative AI applications.
