Cryptocurrency Market Sees Fluctuations: Bitcoin Surges, Ethereum Futures ETF Shuts Down
Cryptocurrency Market Update
The cryptocurrency market is experiencing notable fluctuations. The Total Value Locked (TVL) on Layer 2 (L2) platforms, as reported by L2 Beat, has dipped slightly from $7.63 billion yesterday to $7.54 billion today.
Among the top L2 networks, Arbitrum leads with a TVL of $2.52 billion, reflecting a minor decrease of 0.79% from the previous day. Base follows with $1.41 billion, showing a 1.44% decline. Blast's TVL stands at $738.56 million, down by 1.08%. Scroll has seen the most significant drop of 2.39%, bringing its TVL to $662.84 million. Optimism, however, bucks the trend with a slight increase of 0.17%, reaching $565.71 million.
In the broader market, Bitcoin (BTC) has surged to $54,795 from $53,881 yesterday. Ethereum (ETH) has also seen an uptick, rising from $2,222 to $2,303.
Fundraising activities have taken a pause over the weekend, with no new rounds reported today. However, cumulative fundraising for the week stands at $66.74 million.
In recent news, Coinbase-backed Base is making headlines by facilitating cryptocurrency donations for three US congressional candidates. This initiative is part of a broader push to support crypto-friendly election campaigns.
In a significant development, VanEck has announced the shutdown of its Ethereum futures ETF (EFUT) due to poor performance. Shareholders are advised to sell their shares by September 16, with the liquidation process set to complete by September 23.
El Salvador is celebrating three years of Bitcoin adoption, boasting a $31 million profit despite initial criticism. This milestone underscores the nation's commitment to integrating Bitcoin into its financial system.
OpenAI has reported that its business user base has surpassed 1 million. The company is now targeting premium subscriptions for its upcoming large-language models, Strawberry and Orion.
In the banking sector, Zurich Cantonal Bank (ZKB), Switzerland's fourth-largest bank, has entered the crypto market, offering trading and storage services. This move highlights the growing acceptance of cryptocurrencies in traditional finance.
