Cryptocurrency Market Update: Layer 2 TVL Dips, Bitcoin Rises, and Trump Launches DeFi Project

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Sep 15, 2024 — 1 min read

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Current Situation in the Cryptocurrency Market

The cryptocurrency market is experiencing a dynamic phase as the total value locked (TVL) on Layer 2 networks shows a slight decline, currently standing at $7.94 billion, down from $7.97 billion yesterday. This dip reflects the ongoing fluctuations in investor sentiment and market activity.

Top Layer 2 Networks

Among the top five Layer 2 networks, the TVL data reveals:

Arbitrum: $2.55 billion (-1.16% from yesterday)
Base: $1.59 billion (+0.96% from yesterday)
Blast: $753.05 million (-1.18% from yesterday)
Scroll: $726.52 million (-0.21% from yesterday)
Optimism: $617.03 million (-0.46% from yesterday)

Bitcoin and Ethereum Prices

Bitcoin (BTC) is currently priced at $60,348, marking an increase from yesterday's $60,007. Meanwhile, Ethereum (ETH) is trading at $2,411, a slight decrease from $2,417 yesterday.

Market Insights and Predictions

Recent technical setups for Bitcoin suggest a potential explosive move, with analysts pointing to a 'cup and handle' pattern that could target prices between $100,000 and $150,000 by 2025. Fundstrat’s Tom Lee forecasts a multi-week rally in the market, expressing confidence in positive performance following the upcoming Federal Open Market Committee (FOMC) meeting.

Crypto Developments

In notable news, former President Donald Trump is launching a new decentralized finance (DeFi) project named World Liberty Financial, aimed at promoting mass adoption of stablecoins. This initiative is set to launch on Monday and targets those underserved by traditional banking.

Security Concerns

On the security front, Binance is responding to a surge in Clipper malware, which has increasingly targeted crypto wallets in 2024. The exchange has implemented blacklisting and safety measures to protect users.

Bitcoin's Scaling Boom

Additionally, there is a notable rush of development on Bitcoin, with five projects enhancing its capabilities without altering its core code. This scaling boom highlights the ongoing innovation within the Bitcoin ecosystem.

Funding Updates

As for fundraising, there are no significant rounds reported today due to the weekend, but the cumulative total for the current week stands at $118.50 million.

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