Cryptocurrency Market Update: Bitcoin Dips, L2 Networks See Growth Amid Regulatory Changes
The cryptocurrency market is currently navigating a mix of developments and price fluctuations, with notable activity in Layer 2 (L2) networks and Bitcoin's performance. As of today, the total value locked (TVL) across L2 networks stands at $9.01 billion, a slight increase from $9.00 billion yesterday.
Among the top five L2 networks, Base leads with a TVL of $3.50 billion, experiencing a minor decline of 0.47%. Arbitrum follows closely with $2.96 billion, showing a positive trend with an increase of 1.27%. Optimism holds $730.05 million, with a slight uptick of 0.08%. Meanwhile, Mantle and Blast report TVLs of $453.68 million and $431.89 million, respectively, both experiencing minor declines of 0.38% and 0.68%.
In the broader market, Bitcoin (BTC) is currently priced at $94,738, up from $94,580 yesterday. However, the price has dipped 1.5% recently, ending a streak of 14 consecutive green candles. This drop comes as the market adjusts to the diminishing chances of further interest rate cuts by the Federal Reserve in 2025. Analysts had initially anticipated a surge in Bitcoin's price, particularly with the first anniversary of US Bitcoin ETFs, which exceeded many expectations.
Ethereum (ETH) is currently trading at $3,268, down from $3,284 yesterday, reflecting the overall market volatility.
On the fundraising front, there were no major rounds reported today as it is the weekend. However, cumulative fundraising for the week reached $176.44 million, indicating ongoing interest and investment in the crypto space.
In regulatory news, a New Hampshire lawmaker has introduced a bill aimed at enabling the state to form a digital asset treasury, allowing for investments in digital assets and precious metals. Additionally, Kenya's government is making strides towards crypto legalization and regulation, with a draft policy outlining a potential regulatory framework for digital assets.
In a unique intersection of traditional business and cryptocurrency, Heritage Distilling has adopted Bitcoin for treasury use, marking a significant move as the first publicly traded distillery to integrate cryptocurrency into its operations.
