Crypto Market Update: BTC Poised for Bull Cycle, Tether Invests $100M in Agriculture
Crypto Market Update
The cryptocurrency market is seeing some notable fluctuations. The total TVL on L2 Beat currently stands at $7.51B, down from $7.54B yesterday. Among the top L2 networks, Arbitrum leads with a TVL of $2.51B, though it experienced a -0.64% change from the previous day. Base follows with $1.40B, down -0.34%. Blast and Optimism saw declines of -0.43% and -1.09%, bringing their TVLs to $735.36M and $559.55M, respectively. Scroll, however, reported a slight increase of 0.13%, reaching $663.74M.
Bitcoin (BTC) is currently priced at $53,773, a slight drop from $54,095 yesterday. Ethereum (ETH) also saw a decrease, now at $2,253 from $2,271.
In the news, Bitcoin analyst Michaël van de Poppe predicts that BTC is poised for the 'biggest bull cycle', with $45K now seen as the price floor. He anticipates some 'final corrections' before a bull run that could last at least two years.
Japan could potentially monetize $2.5 billion annually in Bitcoin by leveraging 10% of its excess renewable energy, according to a recent report. This move could transform wasted green energy into a significant revenue stream through Bitcoin mining.
Tether has made its first foray into the agriculture sector with a $100M investment. This move comes amid growing competition in the stablecoin market and follows their previous investments in AI, Bitcoin mining, and digital education.
Elon Musk has backed a warning of $36 trillion in U.S. national debt by the end of 2024, predicting an 'inevitable' Bitcoin price crash due to spiraling interest payments.
Mastercard and Mercuryo have teamed up to launch a non-custodial wallet debit card. This card will be usable across Mastercard's extensive network of over 100 million global merchants.
On the fundraising front, there were no new rounds today as it is the weekend. However, the cumulative fundraising over the current week stands at $66.74M.
