Cryptocurrency Market Sees Fluctuations: TVL Declines, Fundraising Hits $11M, New Regulations
The cryptocurrency market is experiencing noticeable fluctuations. The Total Value Locked (TVL) on L2 Beat has declined, standing at $8.03 billion today, down from $8.10 billion yesterday.
Among the top Layer 2 (L2) networks, Arbitrum leads with a TVL of $2.69 billion, despite a 1.90% drop since yesterday. Base follows with $1.52 billion, reflecting a 0.79% decrease. Blast's TVL is at $788.32 million, down by 1.38%. Scroll bucks the trend with a slight increase of 0.36%, reaching $711.88 million. Optimism rounds out the top five at $586.42 million, a 0.59% dip.
Bitcoin (BTC) has also seen a decline, priced at $57,680, down from $59,150 yesterday. Ethereum (ETH) follows suit, dropping to $2,442 from $2,538.
In the fundraising arena, today saw a total of $11.00 million raised. IDA secured the largest round with $6.00 million, followed by TrendX with $5.00 million. This brings the cumulative fundraising for the week to $29.80 million.
Industry news highlights some significant movements. Riot Platforms Inc. has expressed concerns over Bitfarms Ltd.'s acquisition of Stronghold, cautioning against further actions. Meanwhile, CleanSpark Inc. shares are tumbling after a Bitcoin mining update revealed a drop in mined Bitcoin from 494 in July to 478 in August. The company’s year-to-date total now stands at 4,586 Bitcoin, with 2.5 Bitcoin sold last month at an average price of $56,729 per coin.
Matter Labs has announced a restructuring, laying off 16% of its team to better meet the evolving needs of developers on ZKsync. Additionally, Elon Musk’s xAI has launched Colossus, the most powerful AI training system to date, boasting a 100,000 H100 training cluster set to double soon.
On the regulatory front, Qatar has introduced a new framework for digital assets. The central bank governor believes this will open up new opportunities for the financial sector.
