Cryptocurrency Market Update: Layer 2 TVL Dips to $8.30B Amid Bitcoin Price Decline and Strong Fundraising
The cryptocurrency market is currently experiencing a notable shift as total value locked (TVL) on Layer 2 networks has decreased to $8.30 billion, down from $8.52 billion yesterday. This decline reflects broader market trends impacting key players.
Among the top five Layer 2 networks, the TVL figures are as follows:
- Base: $2.59 billion, down 2.79% from yesterday.
- Arbitrum: $2.44 billion, down 1.72%.
- Optimism: $664.96 million, down 3.51%.
- Blast: $610.91 million, down 3.53%.
- Mantle: $514.34 million, down 1.97%.
Bitcoin's price has also taken a hit, currently sitting at $70,637, a drop from $72,453 yesterday. Ethereum is following suit, priced at $2,566, down from $2,662.
Despite these market fluctuations, fundraising activity remains robust. Today, total funding reached $47.90 million, with the largest rounds being:
- Nillion: $25 million
- Sapien: $10.50 million
- Paravox: $4.50 million
The cumulative fundraising for the week stands at $141.10 million.
In recent news, Bitcoin ETFs have now accumulated over 1 million BTC, with BlackRock leading the charge as they took in nearly $900 million on Wednesday alone. This significant influx highlights the growing institutional interest in Bitcoin.
MicroStrategy has also made headlines with its ambitious $42 billion Bitcoin investment plan, dubbed the '21/21 Plan,' which outlines a systematic capital raise through 2027.
Coinbase's CEO has expressed optimism regarding a pro-crypto shift in Congress following the upcoming U.S. elections, suggesting that substantial industry funding could influence regulatory direction.
In a significant move, Franklin Templeton has launched its $410 million OnChain U.S. Government Money Market Fund on Base, marking it as the first asset manager to enter the Layer 2 space.
Across the Atlantic, the upcoming implementation of the European Union's Markets in Crypto-Assets (MiCA) regulation is anticipated to reshape the digital asset landscape in Europe, according to industry executives.
