Cryptocurrency Market Update: Layer 2 TVL Dips Slightly Amid Bitcoin and Ethereum Gains
The cryptocurrency market is currently experiencing a slight dip in total value locked (TVL) across Layer 2 networks. The total TVL on L2 Beat stands at $10.64 billion, down from $10.65 billion yesterday. The leading Layer 2 networks show varied performance:
- Base: Current TVL is $4.07 billion with a minor decrease of 0.67%.
- Arbitrum: Current TVL is $3.41 billion, reflecting a decrease of 0.70%.
- Optimism: Current TVL is $791.33 million, down by 0.66%.
- Blast: Current TVL is $565.98 million, showing a decrease of 1.02%.
- Mantle: Current TVL is $488.59 million, with a slight increase of 0.10%.
In the broader cryptocurrency market, Bitcoin (BTC) has seen a price increase, now at $102,879, up from $101,425 yesterday. Ethereum (ETH) has also gained, currently priced at $3,898, up from $3,865 the previous day.
In terms of fundraising, the weekend shows no new reported rounds, with the cumulative fundraising for the current week totaling $444.80 million.
Recent news highlights a surge in venture funding within the crypto sector, with over $1 billion raised following Trump's election. This influx is driven by expectations of regulatory clarity, thanks to pro-crypto appointments. Meanwhile, Ethereum's liquid restaking TVL is projected to soar from $284 million to an impressive $17 billion in 2024. This development offers greater utility for staked tokens but introduces risks such as depegging and price volatility.
In the traditional finance sector, Revolut's CEO has criticized the London Stock Exchange, calling it ‘not rational’ and expressing a preference for the US market due to its liquidity and cost benefits. This sentiment reflects a growing trend of companies looking to the US for IPO opportunities.
On a different note, the tech landscape is evolving as China pushes for AI education in schools, aiming to meet the demand for talent in the ongoing tech war. However, concerns about the quality of AI courses have been voiced by some parents.
In banking news, Morgan Stanley's wealth management arm faces a $15 million fine for failing to prevent former advisors from draining millions from customer accounts, highlighting ongoing issues in the financial sector.
