Crypto Market Sees $174M Liquidated Amid US Election; TVL and Bitcoin Prices Update
Crypto Market Update
The current Total Value Locked (TVL) on Layer 2 networks, as tracked by L2 Beat, stands at $10.18 billion, a slight dip from yesterday's $10.23 billion.
Arbitrum leads the pack with a TVL of $3.23 billion, showing a modest increase of 0.55% from the previous day. Base follows with $1.77 billion, up by 1.06%. However, Blast saw a decline, with its TVL dropping by 0.90% to $1.28 billion. Scroll and Optimism also showed minor changes, with Scroll up by 0.73% to $779.29 million and Optimism slightly down by 0.07% to $766.59 million.
Bitcoin's price currently sits at $66,264, up from $65,968 yesterday. Ethereum, however, has seen a decrease, now priced at $3,420 compared to $3,490 the previous day.
Today's fundraising efforts have brought in a total of $30.41 million. Notable rounds include Bitlayer and Pudgy Penguins, each securing $11.00 million, and Network3 raising $5.50 million. This brings the cumulative fundraising for the week to $75.41 million.
In recent news, Bitcoin Rewards App Fold is eyeing a Nasdaq listing through a $365 million SPAC deal. Covalent has introduced the Ethereum Wayback Machine, a solution aimed at enhancing blockchain transparency. Pranay Valson, Head of Protocol Engineering at Covalent, highlighted the importance of decentralized AI and blockchain technology applications.
Nvidia's supercomputer has shown a potential path to quantum computing, which could significantly impact the finance and blockchain industries. Meanwhile, the crypto market experienced a tumultuous day with $174 million liquidated in a 24-hour frenzy, triggered by the US presidential election.
Lastly, Bitcoin pioneer Jeff Garzik has launched the Hemi Network, a new layer-2 blockchain interoperable with Ethereum, unveiled at Bitcoin Nashville.
