Cryptocurrency Market Decline: Layer 2 TVL Drops to $7.85B Amidst Bitcoin and Ethereum Slump
The cryptocurrency market is currently experiencing a notable downturn, reflected in the total value locked (TVL) across various Layer 2 networks. As of today, the total TVL on L2 Beat stands at $7.85 billion, down from $8.29 billion yesterday.
Among the top five Layer 2 networks, Base leads with a TVL of $3.24 billion, despite a significant drop of 9.62% in the last 24 hours. Arbitrum follows closely with a TVL of $3.01 billion, down by 1.93%. Other networks like Mantle ($454.58 million, -2.40%), Blast ($327.16 million, -2.82%), and Linea ($278.66 million, -2.37%) also reported declines.
In the broader market, Bitcoin (BTC) is currently priced at $101,831, a slight decrease from $102,252 yesterday. Ethereum (ETH) is trading at $3,237, down from $3,286.
Despite the market's struggles, fundraising activity remains robust. Today, the total funding reached $70 million, with the biggest rounds being Cipher Mining at $50 million and VitalVEDA at $20 million. This week’s cumulative fundraising totals $283.38 million.
In a significant development, Swiss banking giant UBS has integrated gold trading onto the blockchain using Ethereum. This move highlights the increasing adoption of blockchain technology within traditional finance, particularly for asset tokenization and efficiency improvements.
Meanwhile, Kraken has reported an impressive $1.5 billion in revenue, fueled by a surge in US trading volume. The exchange emphasized its commitment to long-term growth and transparency through regular quarterly reports, maintaining a strong position in stable-fiat trading.
Amidst these developments, 21Shares has filed for a Polkadot ETF as altcoin options expand. However, skepticism surrounds the filing due to the low trading volume of its existing Polkadot fund, leaving the market to determine the outcome.
In legislative news, El Salvador has passed new Bitcoin legislation linked to a $1.4 billion funding deal with the IMF. This marks a shift for the first country to adopt Bitcoin as legal tender, as it appears to scale back some of its earlier crypto initiatives.
Lastly, a tech war is brewing as US firms are rapidly adopting DeepSeek’s AI model, despite facing scrutiny. Major players like Nvidia, Microsoft, and Amazon are leading this charge, showcasing the intersection of technology and finance.
