Cryptocurrency Market Update: Layer 2 Networks Dip, Bitcoin and Ethereum Prices Fluctuate

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Feb 16, 2025 — 1 min read

The cryptocurrency market is currently navigating a period of mixed signals, with total value locked (TVL) on Layer 2 networks slightly down from $7.33 billion to $7.32 billion. This minor dip reflects ongoing fluctuations across the leading Layer 2 networks.

Top Layer 2 Networks

Base: $3.28 billion (down 0.52% from yesterday)
Arbitrum: $2.88 billion (up 0.29% from yesterday)
Mantle: $358.46 million (down 0.21% from yesterday)
Blast: $234.90 million (down 0.24% from yesterday)
Linea: $234.82 million (down 0.10% from yesterday)

Current Prices

Bitcoin (BTC) is currently priced at $96,975, down from $97,560 yesterday. Ethereum (ETH) remains relatively stable at $2,692, slightly down from $2,693.

Funding Activity

As it is the weekend, total funding data remains unavailable. However, cumulative fundraising for the current week stands at $140.05 million.

Market Influencers

Elon Musk recently expressed concern over the U.S. debt clock, labeling it “terrifying” as it climbs to $36 trillion. This sentiment may have implications for investor confidence in traditional finance and, by extension, the crypto market.

In a notable shift towards institutional investment, the Abu Dhabi wealth fund has climbed the Bitcoin ETF leaderboard with a substantial $460 million stake, surpassing holdings of many major U.S. banks. This development signals a growing institutional interest in cryptocurrency.

Billionaire hedge fund manager Paul Tudor Jones has made headlines by pouring $445 million into a single asset, as revealed by new SEC filings. This move highlights the increasing appetite for crypto-related investments among high-net-worth individuals.

Company Developments

Ripple has recently rebranded, sharpening its focus on cross-border payments and stablecoins. This aligns with its vision of creating an Internet of Value, potentially positioning it for greater market relevance.

Meanwhile, Tether is actively working with U.S. lawmakers to help shape stablecoin policy. With a market cap exceeding $142 billion, Tether remains the largest stablecoin issuer, emphasizing its significant role in the crypto ecosystem.

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