Cryptocurrency Market Update: Layer 2 TVL Dips to $7.01B, Bitcoin & Ethereum Prices Rise

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— 2 min read
Cryptocurrency Market Update: Layer 2 TVL Dips to $7.01B, Bitcoin & Ethereum Prices Rise

The cryptocurrency market is currently experiencing a slight decline in total value locked (TVL) across Layer 2 networks. The total TVL on L2 Beat stands at $7.01 billion, a decrease from $7.03 billion yesterday. The top five Layer 2 networks are showing mixed results:

  • Base: Current TVL is $3.09 billion, down 0.17% from yesterday.
  • Arbitrum: Current TVL is $2.72 billion, down 0.19% from yesterday.
  • Mantle: Current TVL is $363.18 million, up 0.21% from yesterday.
  • Blast: Current TVL is $241.46 million, down 0.78% from yesterday.
  • Linea: Current TVL is $229.22 million, down 0.51% from yesterday.

In terms of market prices, Bitcoin (BTC) has seen a modest increase, currently trading at $97,203, compared to $96,335 yesterday. Ethereum (ETH) is also on the rise, currently priced at $2,642, up from $2,622 yesterday. However, there were no significant fundraising rounds reported today, as the weekend typically sees a slowdown in activity, resulting in a cumulative fundraising total of $0 for the current week.

In the broader context of the crypto landscape, several noteworthy developments are shaping the market. Saudi Arabia has announced a significant investment of $14.9 billion in artificial intelligence, partnering with tech giants like Google, Lenovo, and Alibaba. This move aims to position the nation as a regional AI hub, which could indirectly impact the crypto market by fostering innovation.

Japan's Financial Services Agency (FSA) is considering lifting its ban on Bitcoin ETFs and implementing tax cuts for crypto, signaling a potential shift toward mainstream adoption and institutional investment. This change could catalyze further growth in the crypto space, particularly for Bitcoin.

Michael Saylor's firm, now rebranded from MicroStrategy to Strategy, has made headlines with a fresh purchase of 7,633 Bitcoin. This strategic move underlines the company's ongoing commitment to Bitcoin as a primary asset.

Coinbase CEO Brian Armstrong has projected that Bitcoin adoption could reach "billions" of users by 2030, reflecting a bullish outlook on the future of cryptocurrency.

On the operational side, Astar Network has introduced a proposal to burn over 2 million ASTR from its legacy dApp staking wallet, aiming to optimize tokenomics and enhance long-term value for its users.

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