Crypto Market Update: Layer 2 TVL Dips to $9B, Bitcoin Drops, Fundraising Hits $64.5M
The cryptocurrency market is currently experiencing a slight downturn, with the total value locked (TVL) on Layer 2 networks at $9.00 billion, a decrease from $9.13 billion yesterday. The leading Layer 2 networks are showing mixed results:
- Base: $3.51B, down 2.22%
- Arbitrum: $2.92B, down 0.73%
- Optimism: $729.47M, down 1.09%
- Mantle: $455.40M, down 0.88%
- Blast: $434.85M, down 0.68%
In the broader market, Bitcoin (BTC) is priced at $94,535, a slight drop from $94,732 yesterday. Ethereum (ETH) shows a modest increase, currently at $3,275, up from $3,270.
Today, fundraising efforts in the crypto space have garnered a total of $64.50 million. The biggest rounds include:
- VOOX: $50.00M
- Privasea: $10.00M
- Oh: $4.50M
Over the current week, cumulative fundraising has reached $176.44 million. Notably, the Web3 creator platform ‘Oh’ raised $4.5 million to develop AI-based digital influencers, with some agents reportedly generating over $10,000 in monthly revenue.
In regulatory news, Bybit exchange has suspended services in India due to regulatory pressure, although it continues to honor user withdrawal requests. Additionally, the Consumer Financial Protection Bureau (CFPB) has proposed a rule that could allow crypto firms to refund users for funds lost to hacks, aiming to provide protections similar to those for traditional bank account holders.
Meanwhile, a report from Freddie Mac highlights a massive wealth transfer, with $17 trillion in home equity expected to shift from Baby Boomers to their children. This could create new opportunities for investment in cryptocurrencies as younger generations inherit these assets.
On the horizon, the potential passage of the Bitcoin Act could have a profound impact on adoption, with industry executives suggesting it could drive BTC prices beyond $1 million per coin.
