Crypto Market Sees TVL Surge, Major Fundraising, and Regulatory Actions: Latest Updates
Cryptocurrency Market Update
The cryptocurrency market is seeing dynamic shifts with notable changes in Total Value Locked (TVL) and significant news impacting major players.
According to L2 Beat, the total TVL in Layer 2 (L2) networks stands at $8.93 billion today, up from $8.83 billion yesterday. The top five L2 networks by TVL are:
- Arbitrum: $2.90 billion (1.42% increase from yesterday)
- Base: $1.47 billion (3.43% increase from yesterday)
- Blast: $1.24 billion (-2.96% decrease from yesterday)
- Optimism: $688.54 million (1.29% increase from yesterday)
- Linea: $673.14 million (1.46% increase from yesterday)
The prices of major cryptocurrencies have also seen some movement. Bitcoin (BTC) is currently priced at $60,115, up from $59,235 yesterday. Ethereum (ETH) is trading at $3,193, a slight increase from $3,179 yesterday.
In the fundraising arena, there have been no new rounds today, as it is the weekend. However, the cumulative fundraising over the current week has reached $125.60 million. One of the significant fundraising events includes Blockchain payment network Partior raising $60 million in a Series B round. Partior is backed by heavyweights like JPMorgan, Standard Chartered, and DBS.
In regulatory news, Tether has frozen $29.62 million in USDT linked to the Cambodian Huione Group. This move underscores Tether's commitment to maintaining the integrity of its USDT stablecoin amid increasing global regulatory scrutiny.
Meanwhile, traditional finance giants JPMorgan Chase and Wells Fargo have reported substantial losses due to bad debt. JPMorgan Chase's net charge-offs hit $2.2 billion in the second quarter, a $200 million increase from the prior quarter. Wells Fargo saw its net charge-offs rise by $1.3 billion to $1.5 billion in Q2.
On the venture capital front, top VCs have invested $85 million in the AI-crypto startup Sentient. This significant seed round highlights the growing intersection of AI and crypto, with VCs betting big on the potential of this venture.
Looking ahead, a study predicts that crypto trading volume will exceed $108 trillion in 2024, with Europe leading the charge. Europe is expected to account for 37% of the crypto trading volume this year.
