Cryptocurrency Market Update: Bitcoin's Surge Drives $9.53B in L2 Networks and $42M Fundraising

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— 1 min read
Cryptocurrency Market Update: Bitcoin's Surge Drives $9.53B in L2 Networks and $42M Fundraising

The cryptocurrency market is witnessing notable fluctuations, particularly in the layer-2 (L2) networks. As of now, the total value locked (TVL) on L2 Beat stands at $9.53 billion, a slight increase from $9.41 billion yesterday. The top five L2 networks are showing varied performance:

  • Base: Current TVL is $3.00 billion, up by 1.05%.
  • Arbitrum: Current TVL is $2.86 billion, with a rise of 2.02%.
  • Optimism: Current TVL is $767.34 million, increasing by 1.40%.
  • Blast: Current TVL is $667.63 million, up by 0.17%.
  • Mantle: Current TVL is $631.56 million, rising 1.67%.

In terms of market prices, Bitcoin (BTC) is currently trading at $87,063, down from $88,700 yesterday. Ethereum (ETH) follows suit, with a current price of $3,289, down from $3,365.

Today’s fundraising efforts have yielded a total of $42.45 million. Notable rounds include:

  • StakeStone: $22.00 million
  • Brevis: $7.50 million
  • TAC: $6.50 million

This week’s cumulative fundraising has reached $61.95 million.

Recent news highlights a significant shift in investor sentiment. Experts suggest Bitcoin could augment gold as the next strategic reserve asset. Barbara Goodstein from R360 noted that BlackRock’s Bitcoin ETF now surpasses its gold ETF in assets under management, reflecting a growing optimism towards Bitcoin post-U.S. elections.

Moreover, Bitcoin's recent surge, described as a "wave after wave of FOMO," has propelled the crypto market past a $3.1 trillion record, with Bitcoin leading the charge unlike previous bull markets.

In institutional moves, MicroStrategy has acquired an additional 27,200 BTC for approximately $2 billion, bringing its total Bitcoin profits to around $11 billion. The company’s yield this quarter stands at 7.4%, with a year-to-date yield exceeding 26%.

On the regulatory front, U.S. Senator Cynthia Lummis is gathering bipartisan support for a national Bitcoin reserve proposal, aiming to strengthen the U.S. economy and enhance its global financial standing.

As the market continues to evolve, these developments indicate a robust interest in Bitcoin and the broader cryptocurrency ecosystem, setting the stage for potential future growth.

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