Crypto Market Update: TVL Surge, Bitcoin Price Rise, and Major Fundraising News
The cryptocurrency market is experiencing notable developments. The Total Value Locked (TVL) on L2 Beat has increased, standing at $8.28 billion today compared to $8.15 billion yesterday.
Among the top Layer-2 (L2) networks, Arbitrum leads with a TVL of $2.78 billion, reflecting a 1.71% change from yesterday. Base follows with $1.54 billion, up by 2.12%. Blast holds $862.72 million, showing a 1.15% change. Scroll and Optimism stand at $704.29 million and $623.27 million, with changes of 1.02% and 1.60%, respectively.
Bitcoin (BTC) is currently priced at $61,551, up from $60,413 yesterday. Ethereum (ETH) is trading at $2,674, an increase from $2,624.
In fundraising news, today's total funding amounts to $26.95 million. The biggest rounds include SatLayer with $8.00 million, Credbull with $5.20 million, and Arch Network with $5.00 million. The cumulative fundraising over the current week is $324.40 million.
Federal Reserve Chairman Jerome Powell has announced that 'the time has come' for interest rate cuts, with the extent and timing influenced by the risk landscape of the US economy.
A Bitcoin whale has suffered a loss of $4.8 million in two trades that went awry, underscoring the inherent risks of high-stakes trading.
WazirX will phase in Indian Rupee withdrawals starting August 26. Users can withdraw up to 66% of their rupee funds in two phases following a suspension after last month's $230 million hack.
Sony and Startale have introduced Soneium, a new Ethereum Layer-2 blockchain, set to rival Coinbase's Base network. Soneium aims to integrate Web3 into entertainment, gaming, and finance.
Tether has opted out of the blockchain race, citing market saturation. The company will instead focus on security and expansion into AI, biotech, and telecoms.
