Cryptocurrency Market Plunges: Layer 2 TVL Drops, Bitcoin and Ethereum Prices Fall
Cryptocurrency Market Update
The cryptocurrency market is experiencing significant volatility, with the Total Value Locked (TVL) on Layer 2 solutions dropping from $8.89B yesterday to $7.40B today.
Arbitrum leads the pack among Layer 2 networks with a TVL of $2.47B, despite a 14.85% decrease from yesterday. Base follows with a TVL of $1.24B, marking a 20.36% drop. Blast's TVL stands at $814.12M, down by 20.57%. Scroll and Optimism also saw declines, with TVLs of $580.42M (-18.94%) and $532.59M (-16.67%), respectively.
Bitcoin (BTC) and Ethereum (ETH) prices have also taken a hit. BTC is currently priced at $54,332, down from $58,231 yesterday. ETH is trading at $2,449, a drop from $2,697.
It's a quiet weekend for fundraising, with no new rounds reported. The cumulative fundraising for the week stands at $0.
In the news, Elon Musk has renewed his legal battle against OpenAI and CEO Sam Altman, alleging fraud. This follows his previous lawsuit, which he dropped in June.
Protocol Village's X10, a Hybrid Perps Exchange, has launched on Mainnet, settling on StarkEx.
Noble has introduced the Noble Express app, facilitating USDC transfers across Ethereum, Layer 2s, Solana, Cosmos, and IBC blockchains.
DeSci Project StarChain has achieved a major milestone by unifying 500 terabytes of astronomical data.
Japan's recent rate hikes are triggering a crypto market selloff. BitMEX co-founder Arthur Hayes suggests that more US money printing could be on the horizon in response, potentially benefiting Bitcoin's price.
