Crypto Market Volatility: TVL Drops, Bitcoin Falls, and BlackRock Ignites Tokenisation Frenzy
The cryptocurrency market is showing signs of volatility as the Total Value Locked (TVL) on Layer 2 (L2) networks dropped to $7.63 billion today from $7.75 billion yesterday. The top five L2 networks have experienced varying degrees of change in their TVL.
Arbitrum leads the pack with a TVL of $2.54 billion, despite a 1.41% decline from yesterday. Base follows with $1.43 billion, marking a 2.21% decrease. Blast and Optimism also saw declines of 2.69% and 2.15% respectively, with their TVLs standing at $746.60 million and $564.74 million. Scroll was the only network to see a positive change, with a slight increase of 0.40%, bringing its TVL to $679.10 million.
Bitcoin (BTC) is currently priced at $54,055, down from $56,179 yesterday. This drop comes after a weak U.S. jobs report highlighted lower-than-expected hiring, causing BTC to hit its lowest price in a month. Ethereum (ETH) also saw a dip, currently priced at $2,290, down from $2,368 yesterday.
On the fundraising front, today's total funding reached $6.00 million, with the largest round going to Puffpaw. This brings the cumulative fundraising for the week to $66.74 million.
In other news, BlackRock's aggressive push into tokenisation has sparked an $8.9 billion frenzy, prompting clients of other banks to demand similar services. Meanwhile, an ancient Bitcoin address, dormant since 2012, has come alive, moving $1,810,404 in BTC at a staggering 487,122% profit. This movement was noted on Thursday, with the wallet moving 31.90 BTC that was initially bought for under $12 each.
Additionally, the TON Foundation has injected $24 million to boost DeFi activities on its Telegram-linked network. This initiative aims to reward liquidity providers on two of TON's major DeFi protocols, attracting more traders to the platform.
High-profile investments continue to shape the industry. An AI safety startup has raised $1 billion, and Nvidia has invested $100 million into a Japanese AI firm. These moves highlight the growing convergence of traditional tech, AI, and blockchain technologies.
