Crypto Market Update: Layer 2 TVL Drops to $6.55B Amid Bitcoin Gains and Major Fundraising Events
The cryptocurrency market is currently experiencing notable fluctuations. As of now, the total value locked (TVL) across Layer 2 (L2) networks stands at $6.55 billion, down from $6.74 billion yesterday.
Among the top five L2 networks, the following figures are reported:
- Base: $2.96 billion (down 1.79% from yesterday)
- Arbitrum: $2.62 billion (down 3.80% from yesterday)
- Mantle: $280.84 million (down 0.16% from yesterday)
- Linea: $200.29 million (down 5.61% from yesterday)
- Blast: $176.78 million (down 5.14% from yesterday)
In the broader market, Bitcoin (BTC) is trading at $84,982, a slight increase from $83,994 yesterday. Meanwhile, Ethereum (ETH) has seen a drop, currently priced at $2,307, down from $2,329.
In terms of fundraising activities, today has seen a total of $109 million raised. The most significant contributions include:
- Raise: $63 million for its blockchain-based gift card system, backed by PayPal.
- Ethena USDe: $20 million.
- Ethena: $16 million.
This week’s cumulative fundraising has reached $319.82 million, reflecting ongoing interest in the crypto sector despite market fluctuations.
In the news, PayPal-backed Raise's $63 million funding round emphasizes the integration of digital assets into daily transactions. Additionally, Nvidia reported an 80% revenue increase driven by demand for AI chips, showcasing the convergence of technology and finance.
On the regulatory front, the International Monetary Fund (IMF) has approved a $1.4 billion loan to El Salvador, with conditions that include scaling back Bitcoin adoption. This move could significantly affect the country’s economic stance on cryptocurrencies.
Security remains a critical concern as a recent investigation linked a $1.4 billion hack of Bybit to North Korean hackers, raising alarms about vulnerabilities in the crypto landscape.
Finally, Bank of America’s CEO Brian Moynihan announced plans to launch a stablecoin, contingent on regulatory clarity, marking a pivotal shift in traditional banking towards digital finance.
