Cryptocurrency Market Sees TVL Dip; Bitcoin ETF Surpasses 300K BTC in Assets
Cryptocurrency Market Update
The cryptocurrency market has seen a slight dip in the Total Value Locked (TVL) on Layer 2 networks, as reported by L2 Beat. The current TVL stands at $10.49B, down from $10.58B yesterday.
Among the top Layer 2 networks, Arbitrum leads with a TVL of $3.19B, despite a 0.70% decrease from yesterday. Blast follows with $2.27B, marking a 0.68% drop. Base has a TVL of $1.74B, down by 1.42%. Optimism's TVL is $837.30M, showing a 0.95% decline. Linea, however, bucks the trend with a 1.82% increase, bringing its TVL to $671.69M.
In the broader crypto market, Bitcoin (BTC) has seen a price increase to $71,362 from $70,791 yesterday. Ethereum (ETH) also experienced a slight rise, now priced at $3,819, up from $3,813.
Today's fundraising activities in the crypto space have been robust, with total funding reaching $246.50M. The largest round was secured by Bitstamp, raising $200.00M. The Sandbox followed with $20.00M, and Glacier Network raised $8.00M. This brings the cumulative fundraising for the current week to $402.25M.
In significant news, BlackRock's spot bitcoin ETF, IBIT, has surpassed 300,000 BTC in assets under management after just five months of trading. This milestone underscores the growing institutional interest in Bitcoin.
Saudi Arabia has joined the Bank for International Settlements’ (BIS) Central Bank Digital Currency (CBDC) project, mBridge, as a full participant. This move highlights the kingdom's increasing engagement with digital currencies.
In the tech world, Nvidia briefly surpassed Apple to become the world's second-most-valuable company, with Microsoft maintaining a slight edge in the three-way race for the top slot.
DuckDuckGo has launched a private portal to top AI chatbots, reinforcing its commitment to user privacy while integrating advanced AI tools.
Lastly, Robinhood's acquisition of Bitstamp is seen as a strategic move to enhance its institutional offerings. According to Bernstein, this deal will allow Robinhood to offer a broader range of crypto products to institutional clients.
