Cryptocurrency Market Update: Layer 2 TVL Dips to $8.26B Amid Bitcoin and Ethereum Fluctuations
The cryptocurrency market is currently experiencing some fluctuations, with total value locked (TVL) on Layer 2 networks showing a slight decline. As of now, the total TVL stands at $8.26 billion, down from $8.48 billion yesterday.
In the top five Layer 2 networks, Arbitrum leads with a TVL of $2.39 billion, reflecting a decrease of 2.51% since yesterday. Following closely is Base at $2.27 billion, down 3.10%. Scroll holds $741.02 million, a drop of 1.67%, while Blast has $681.39 million, down 1.43%. Finally, Optimism rounds out the top five with a TVL of $648.45 million, decreasing by 3.03%.
In the broader market, Bitcoin (BTC) is currently priced at $62,325, a slight drop from $62,466 yesterday. Ethereum (ETH) is trading at $2,420, down from $2,430.
In fundraising news, a total of $13 million has been raised today, with the largest rounds going to Humanode at $10 million and APRO at $3 million. Cumulatively, this week has seen $15 million in total fundraising.
On the regulatory front, FTX users are eagerly awaiting news on their potential recovery in a $17 billion repayment plan following the exchange's collapse. This situation highlights ongoing concerns in the crypto space, especially as the United Nations reports that organized crime groups in Southeast Asia are using crypto to carry out larger-scale and harder-to-detect crimes.
In contrast, China is taking a different approach by investing heavily in blockchain technology while distancing itself from crypto. This 'blockchain, not crypto' strategy indicates a significant commitment to infrastructure development.
Meanwhile, Crypto.com has initiated a lawsuit against the US SEC in a bid to protect the future of cryptocurrency in the country, following a Wells notice from the agency.
In a positive development for crypto adoption, Samsung Pay has integrated a crypto payment option through Alchemy Pay, allowing users to spend their digital assets seamlessly.
