Cryptocurrency Market Update: Layer 2 TVL Dips, Bitcoin ETF Approved, and Future Predictions

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Oct 19, 2024 — 1 min read

The cryptocurrency market is experiencing notable shifts as we delve into the latest data and news. The total value locked (TVL) across Layer 2 networks has dipped slightly, currently standing at $8.71 billion, down from $8.78 billion yesterday.

Top Layer 2 Networks

Base: Current TVL is $2.50 billion, reflecting a minor increase of 0.97%.
Arbitrum: Current TVL is $2.44 billion, with a slight rise of 1.06%.
Scroll: Current TVL is $858.33 million, down by 11.46%.
Optimism: Current TVL is $671.49 million, decreasing by 1.24%.
Blast: Current TVL is $635.04 million, down 1.60%.

Market Prices

Bitcoin (BTC) is currently priced at $68,213, a slight drop from $68,373 yesterday. Meanwhile, Ethereum (ETH) shows a minor increase, now valued at $2,645, up from $2,642.

Funding Activity

Today’s fundraising efforts in the crypto space have reached a total of $3.50 million, with the biggest round coming from Plasma at $3.50 million. Cumulatively, fundraising this week has hit $943.40 million.

Regulatory Developments

In regulatory news, the SEC has cleared Bitcoin ETF options for launch, leading to inflows crossing $21 billion. This approval is anticipated to enhance liquidity and attract larger institutional investors, often referred to as the 'big fish.'

Global Economic Context

The International Monetary Fund (IMF) has raised concerns regarding global debt levels, which are projected to surpass $100 trillion by year-end. This marks a significant increase from $97 trillion a year ago, with the U.S. at the forefront of this surge.

Institutional Innovations

DBS Bank has introduced its “DBS Token Services,” aimed at real-time blockchain payment settlements. This service utilizes smart contracts, enhancing security and transparency for institutional clients.

Market Predictions

Looking ahead, Bitwise’s CIO, Matt Hougan, has expressed optimism for Bitcoin, predicting it could reach a six-figure price by 2025. He cites several factors aligning for what he believes will be an exceptional year for BTC.

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