Cryptocurrency Market Update: Layer 2 TVL Dips as Bitcoin Surges Past $70K Amid Regulatory Changes
The cryptocurrency market is experiencing notable shifts as of today. The total value locked (TVL) on Layer 2 networks has decreased slightly, currently standing at $7.76 billion, down from $7.85 billion yesterday.
Among the top five Layer 2 networks, the TVL figures are as follows:
- Base: $2.42 billion (down 0.76%)
- Arbitrum: $2.28 billion (down 1.93%)
- Optimism: $620.79 million (down 0.52%)
- Blast: $575.32 million (down 0.66%)
- Mantle: $474.65 million (down 0.97%)
In the broader market, Bitcoin has surged above the $70,000 mark, currently priced at $69,576, a significant rise from $67,654 yesterday. Ethereum has also seen gains, now trading at $2,441, up from $2,395.
Today's fundraising efforts have totaled $10 million, with the largest round coming from Vlayer at $10 million. This week’s cumulative fundraising stands at $10 million.
In the news, Bitcoin's recent price action coincides with a broader market rally as both crypto and U.S. stocks move higher, particularly on Election Day. However, U.S. Bitcoin ETFs have recorded their highest daily net outflow to date, indicating caution among investors.
MicroStrategy's ambitious plan to acquire $42 billion in Bitcoin is under scrutiny, as CoinShares points out potential risks related to financing conditions and investor demand for convertible debt.
On the regulatory front, the European Union's Markets in Crypto-Assets (MiCA) regulation is nearing full adoption, with industry leaders like Anthony Moro suggesting that Europe could emerge as a key hub for Web3 innovations by December 2024.
Meanwhile, Meta has expanded AI access to U.S. defense agencies, emphasizing the importance of national security and economic prosperity for the country and its allies.
