Cryptocurrency Market Update: Bitcoin Rises, Layer-2 TVL Declines Amid Economic Concerns

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Nov 11, 2024 — 2 min read

The cryptocurrency market is currently witnessing a mix of movements across various segments as investors react to recent developments and market dynamics. The Total Value Locked (TVL) on L2 Beat stands at $9.41 billion, a slight decrease from $9.48 billion yesterday.

Top Layer-2 Networks

Base: Current TVL is $2.97 billion, down by 0.83% from yesterday.
Arbitrum: Current TVL is $2.80 billion, up by 2.00%.
Optimism: Current TVL is $756.72 million, a slight increase of 0.13%.
Blast: Current TVL is $666.50 million, down by 1.70%.
Mantle: Current TVL is $621.19 million, with a minor increase of 0.12%.

Current Prices

Bitcoin (BTC) has seen a notable rise, currently priced at $82,511, up from $80,280 yesterday. In contrast, Ethereum (ETH) is trading at $3,178, a slight decline from $3,188 the previous day.

Recent Acquisitions and Investments

In significant news, MicroStrategy Inc. has acquired an additional 27,200 Bitcoin for approximately $2.03 billion. This acquisition occurred over ten days from October 31 to November 10, at an average price of $74,463 per Bitcoin. With this latest purchase, MicroStrategy now holds a total of 279,420 Bitcoin, totaling around $11.9 billion at an average price of $42,692 per Bitcoin.

Moreover, the Conflux Foundation has committed $500 million to develop a PayFi Web3 payments solution, aiming to enhance user experience in consumer-facing blockchain applications.

Infrastructure Developments

Espresso has pushed its project live, focusing on composability between blockchains. Their new 'confirmation layer' is designed to improve interactions among layer-2 rollups, enabling seamless data sharing between networks.

Market Sentiment and Economic Context

Market sentiment is also influenced by broader economic concerns. Trader Michaël van de Poppe suggests that many in the crypto community may underestimate the implications of the rising U.S. debt. Reports indicate that a looming $33 trillion "Wall of Debt" is set to impact global markets as advanced economies face a significant refinancing challenge by 2026.

Fundraising Activity

As for fundraising, no major rounds were reported today due to the weekend, but cumulative fundraising for the week stands at $9.50 million.

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