Crypto Market Sees TVL Rise on L2 Networks; Bitcoin and Ethereum Prices Drop
Crypto Market Update
The cryptocurrency market has seen a slight increase in Total Value Locked (TVL) on Layer 2 (L2) networks, with a current TVL of $8.23 billion, up from $8.18 billion yesterday. This uptick is reflected across several top L2 networks.
Arbitrum leads the pack with a TVL of $2.66 billion, showing a modest increase of 0.41% from yesterday. Base follows with $1.35 billion, marking a 0.49% rise. Meanwhile, Blast's TVL has decreased by 1.05% to $1.17 billion. Linea and Optimism also saw declines, with TVLs of $663.02 million (-1.56%) and $630.15 million (0.23%), respectively.
The broader cryptocurrency market has been impacted by fluctuating prices of major assets. Bitcoin (BTC) is currently priced at $56,857, down from $58,187 yesterday. Ethereum (ETH) also saw a dip, currently at $2,973, compared to $3,065 the previous day.
Fundraising activities in the crypto space have paused for the weekend. However, the cumulative fundraising over the current week stands at $620.39 million, showcasing the ongoing interest and investment in the sector.
In related news, Grayscale has highlighted that US voters are increasingly focused on cryptocurrency as the 2024 presidential election approaches. This election cycle could see a significant focus on BTC and digital assets as voters show growing interest in crypto investments.
Germany continues to make substantial Bitcoin transfers, recently moving $40 million in BTC. According to Ki Young Ju from CryptoQuant, these transfers have minimal impact on the overall Bitcoin market.
Justin Sun has announced gas-free stablecoin transfers on the TRON network. Sun believes this gas-free solution could help TRON surpass one billion addresses and strengthen its position in the stablecoin market.
JPMorgan Chase, Bank of America, and Wells Fargo are set to testify at a US Senate hearing after allegedly refusing to reimburse $115 million to customers on the Zelle payments network. Executives from these banks' payment operations are expected to appear on July 23rd, as reported by Politico.
In the tech sphere, Google has introduced a new AI training technique, JEST, which is up to 13 times faster and 10 times more efficient. This advancement could lead to lower energy demands for AI training.
