Crypto Market Surges: L2 TVL Increases, Bitcoin and Ethereum Prices Climb, Major Fundraising
The cryptocurrency market is witnessing significant activity and developments. The Total Value Locked (TVL) on L2 Beat has seen a slight uptick, moving from $8.66 billion yesterday to $8.83 billion today.
Among the top Layer 2 (L2) networks, Arbitrum leads with a TVL of $2.86 billion, marking a 1.73% increase from the previous day. Base follows with $1.42 billion, reflecting a 1.10% rise. Blast shows the most substantial growth, with a 4.00% increase, bringing its TVL to $1.28 billion. Optimism and Linea also saw gains, with TVLs of $679.76 million (up 2.16%) and $663.45 million (up 0.74%), respectively.
Bitcoin's price has climbed to $58,834 from $57,873, while Ethereum's price has increased to $3,156 from $3,129.
In fundraising news, today's total funding amounts to $77.00 million. The largest rounds include Partior, which secured $60.00 million, ZAP with $15.00 million, and Pixelverse raising $2.00 million. The cumulative fundraising over the current week stands at $125.60 million.
Major players like Superstate are set to join MakerDAO's $1 billion tokenized treasury plan, drawing significant attention in the crypto space. This development underscores the growing interest in tokenized assets.
FTX has reached a $4 billion settlement with the Commodity Futures Trading Commission (CFTC). This settlement, significantly lower than the initial $52.2 billion demand, aims to prioritize creditor repayments, expediting the process.
Kraken's Head of Strategy, Thomas Perfumo, has identified Ethereum ETFs as potential attractors of $1 billion in monthly inflows. He also highlighted the upcoming US elections, potential interest rate cuts, and global Bitcoin ETP adoption as key drivers for the industry's growth.
OpenAI is reportedly working on a new AI model under the code name ‘Strawberry’. This project builds on the Q* project announced in November 2023, which was hailed as a technical breakthrough in AI development.
China's banking sector is experiencing turmoil, with 40 banks shutting down in a sudden 'vanishing act', absorbed into larger lenders. This collapse is attributed to a downturn in the property market and poor risk controls.
