Crypto Market Update: Layer 2 Networks Surge as Trump Unveils US Crypto Reserve Initiative
The cryptocurrency market is experiencing notable shifts this weekend, driven by significant announcements and market movements. The total value locked (TVL) on Layer 2 networks has seen an increase, now standing at $6.72 billion, up from $6.37 billion yesterday.
Among the top five Layer 2 networks, Base leads with a TVL of $3.05 billion, reflecting a daily growth of 5.53%. Following closely is Arbitrum at $2.70 billion, also up by 5.52%. Other networks include Mantle with $285.06 million (+4.55%), Linea at $204.32 million (+6.11%), and Blast with $174.63 million (+4.38%).
In the broader market, Bitcoin is currently priced at $91,437, down from $94,434 yesterday. Meanwhile, Ethereum has dropped to $2,327 from $2,521 in the same timeframe. This decline in prices comes amid substantial market activity following recent news.
President Trump has announced a new US Crypto Reserve featuring XRP, Cardano (ADA), and Solana (SOL). This initiative aims to position the U.S. as a leader in the digital asset space. Following this announcement, both Bitcoin and Ethereum have surged, with traders reacting positively to the news.
Cardano has particularly stood out, soaring 60% after the reserve's addition. Analysts suggest that if ADA maintains its position above $1, it could see further gains. Speculation around this surge has intensified, especially after a trader reportedly netted $6.8 million from well-timed bets on Bitcoin and Ethereum just before the announcement.
Additionally, a significant gap has opened in Bitcoin futures on the CME, exceeding $10,000. This gap marks the largest ever printed, highlighting the volatility and rapid changes in the market.
As we move through the weekend, the fundraising landscape remains stagnant, with no reported funding rounds today and a cumulative total of $0 for the week.
