Cryptocurrency Market Update: Layer 2 Growth, Bitcoin Surge, and Institutional Moves
The cryptocurrency market is experiencing notable shifts as of late. The total value locked (TVL) in Layer 2 networks has seen a slight increase, currently standing at $9.40 billion, up from $9.33 billion yesterday.
Among the top five Layer 2 networks, Base leads with a TVL of $3.21 billion, reflecting a modest increase of 0.55%. Arbitrum follows closely with $2.86 billion, gaining 1.48%. Optimism reports a TVL of $739.71 million, up by 1.20%. In contrast, both Blast and Mantle have experienced declines, with Blast at $567.19 million down 4.57% and Mantle at $562.26 million down 0.94%.
On the price front, Bitcoin (BTC) has surged to $91,884, a significant rise from $90,543 yesterday. However, Ethereum (ETH) has seen a drop, currently priced at $3,098, down from $3,212.
In fundraising news, the weekend has been quiet with no reported rounds. However, the cumulative fundraising for the week has reached $27 million.
MicroStrategy has made headlines by acquiring an additional 51,780 Bitcoin for $4.6 billion, bringing its total holdings to nearly 331,200 BTC and a total value close to $30 billion. This substantial purchase underscores the company's aggressive Bitcoin strategy.
Institutional interest continues to grow as Goldman Sachs announces the launch of a new digital assets platform. This initiative aims to transform trading and settlement processes, collaborating with Tradeweb to deliver innovative financial solutions in the crypto space.
Furthermore, MARA Holdings has revealed plans for a $700 million convertible notes offering, aimed at bolstering its Bitcoin expansion efforts and managing debt obligations effectively.
Exciting developments are also on the horizon for investors. Nasdaq is set to list options on BlackRock’s Bitcoin exchange-traded fund, allowing traders to speculate on the price movements of Bitcoin through derivatives.
