Crypto Market Sees Shifts in Layer 2 TVL, Bitcoin Gains, and New Stablecoin Regulations
Crypto Market Update
The cryptocurrency market is currently experiencing nuanced shifts across various metrics and platforms. The Total Value Locked (TVL) on Layer 2 solutions, as reported by L2 Beat, has seen a slight decrease from $9.91 billion yesterday to $9.88 billion today.
Among the top Layer 2 networks, Arbitrum holds the largest TVL at $3.20 billion, despite a 0.68% drop from yesterday. Base follows with $1.71 billion, marking a 0.25% decrease. Blast stands out with a positive change, increasing by 0.36% to $1.19 billion. Scroll and Optimism have both seen minor reductions, with Scroll at $767.65 million (down 0.03%) and Optimism at $719.78 million (down 0.30%).
In terms of cryptocurrency prices, Bitcoin (BTC) has risen to $66,338 from $66,197 yesterday. Ethereum (ETH) has also seen an uptick, climbing to $3,307 from $3,274.
On the fundraising front, today's total reached $12.65 million. Hyperbolic Labs led with a $7.00 million round, followed by Mintify with $3.40 million, and Raad Labs with $2.25 million. The cumulative fundraising for the current week stands at $16.98 million.
The Bank for International Settlements (BIS) and the UK Central Bank have announced a project named Pyxtrial, aiming to supervise stablecoin balance sheets. This initiative is a first step towards a tool that could help regulators detect issues in stablecoin backing proactively.
In other news, David Garrett, co-founder of dVIN, is pioneering the tokenization of the global wine trade. His project aims to bring transparency to the luxury goods market, addressing challenges and offering innovative solutions for the future.
Market analysts, including Markus Thielen from 10X Research, anticipate volatility in Bitcoin and BTC mining stocks following the upcoming Federal Open Market Committee (FOMC) decision. Thielen advises investors to be cautious, noting the lack of macroeconomic support for Bitcoin, which may keep it in its current trading range.
Robert Kiyosaki, author of "Rich Dad Poor Dad," has warned that California is facing a severe fiscal crisis, which could lead to significant service cuts. He suggests that other states might follow suit and urges people to accumulate Bitcoin as a hedge.
Lastly, the global landscape of artificial intelligence regulation is evolving, with the EU, US, China, and other regions unveiling new AI laws. These regulations aim to manage the rapid advancement and diverse applications of AI technologies.
