Cryptocurrency Market Update: L2 Networks See TVL Drop Amid Bitcoin and Ethereum Gains
The current landscape of the cryptocurrency market reveals a slight decline in the total value locked (TVL) across Layer 2 (L2) networks. As of now, the total TVL on L2 Beat stands at $9.24 billion, down from $9.44 billion yesterday.
Breaking down the top five L2 networks, we see:
- Base: Current TVL is $3.57 billion, reflecting a decrease of 2.12% from yesterday.
- Arbitrum: Current TVL is $2.99 billion, down 2.76%.
- Optimism: Current TVL is $764.18 million, showing a decrease of 1.06%.
- Mantle: Current TVL is $462.22 million, down 1.38%.
- Blast: Current TVL is $452.56 million, reflecting a decrease of 1.26%.
In terms of market prices, Bitcoin (BTC) is currently priced at $94,376, a slight increase from $94,249 yesterday. Ethereum (ETH) is trading at $3,365, up from $3,323.
On the fundraising front, the total amount raised today is $7 million, with Nodepay leading the rounds at $7 million. Cumulatively, the fundraising for the week has reached $58.62 million.
In notable news, Do Kwon, co-founder of Terraform Labs, will be extradited to the U.S. to face federal fraud charges. Kwon is implicated in the collapse of TerraUSD and Luna, which resulted in losses exceeding $40 billion for investors.
Meanwhile, major U.S. banks, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, are consolidating power in the banking sector, achieving their largest profit share in nearly a decade, with a collective profit of $88 billion in the first nine months of this year.
In a significant move, KULR Technology has purchased $21 million worth of Bitcoin, acquiring 217.18 BTC at an average price of $96,556.53 per Bitcoin, marking the start of their corporate BTC treasury strategy.
Additionally, the South Korean government has imposed sanctions on 15 individuals linked to North Korea's cyber activities targeting cryptocurrency, aiming to curb illicit funding for the regime.
OpenAI has also made headlines, announcing plans to transition to a public benefit corporation model, emphasizing its commitment to secure artificial general intelligence development.
