Cryptocurrency Market Update: Layer 2 TVL Declines Amid Bitcoin and Ethereum Fluctuations
The cryptocurrency market is currently seeing a slight downturn, with the total value locked (TVL) on Layer 2 (L2) networks at $9.23 billion, down from $9.32 billion yesterday. The leading L2 networks are also experiencing declines in their TVL, reflecting broader market sentiments.
Among the top five L2 networks, Base leads with a TVL of $3.58 billion, but it has seen a decrease of 0.94% since yesterday. Following closely is Arbitrum with $3.00 billion in TVL, down 0.27%. Optimism stands at $725.57 million, a decline of 1.64%. Blast and Mantle have TVLs of $469.45 million and $459.14 million, respectively, with decreases of 2.41% and 1.00%.
In the broader cryptocurrency market, Bitcoin (BTC) has dropped to $94,039, compared to $95,138 yesterday. Ethereum (ETH) shows a slight increase, now priced at $3,286, up from $3,277.
On the fundraising front, it appears to be a quiet weekend with no significant rounds reported. Cumulatively, the current week has seen $0 in fundraising, indicating a pause in new capital inflows.
In noteworthy news, Foresight Ventures has made a $55 million investment in crypto media platform The Block. Co-founder Forest Bai indicated this move aims to foster a more independent media landscape within the cryptocurrency sector. This comes amid recent turmoil at CoinDesk, where editorial independence has been questioned following the dismissal of key editors after a controversial incident involving a crypto billionaire.
In another significant development, MicroStrategy has continued its bullish stance on Bitcoin, purchasing an additional $561 million worth of BTC for the seventh consecutive week, aligning with its strategy to accumulate more Bitcoin as it prepares to enter the Nasdaq 100 Index.
Avalon Labs has also made headlines by raising $10 million in a Series A funding round to enhance its Bitcoin-backed stablecoin initiative, marking an important milestone in the evolution of digital currencies.
Meanwhile, Telegram has reported a major achievement, with its revenue expected to exceed $1 billion in 2024, alongside cash reserves surpassing $500 million, excluding crypto assets. This profitability marks a significant turning point for the platform since it began monetizing its services.
Lastly, the partnership between Lightricks and Shutterstock aims to set new standards in AI training data licensing, enhancing content creation capabilities without infringing on copyright.
