Cryptocurrency Market Update: Layer 2 TVL Drops Amid Strong Institutional Interest and Tech Partnerships

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Nov 1, 2024 — 1 min read

The cryptocurrency market is currently experiencing a slight downturn, with the total value locked (TVL) on Layer 2 networks dropping to $8.10 billion from $8.30 billion yesterday. This decline reflects a broader trend across the top five Layer 2 networks.

Layer 2 Networks Overview

Base: Current TVL is $2.50 billion, down 3.67% from yesterday.
Arbitrum: Current TVL is $2.40 billion, down 1.40% from yesterday.
Optimism: Current TVL is $653.03 million, down 1.79% from yesterday.
Blast: Current TVL is $605.67 million, down 0.86% from yesterday.
Mantle: Current TVL is $490.01 million, down 4.73% from yesterday.

Cryptocurrency Prices

Bitcoin (BTC) is currently priced at $69,680, a decrease from $70,339 yesterday. Ethereum (ETH) is trading at $2,504, down from $2,518. Analysts suggest that Ethereum may face a final dip to around $2,500 before potentially rallying to a new all-time high of $2,800.

Institutional Interest and Fundraising

In a notable development, BlackRock's iShares Bitcoin Trust has crossed 1 million BTC in assets under management, indicating strong institutional interest in cryptocurrency. This comes amid record inflows, showcasing a growing trend among large investors.

Today, the cryptocurrency sector saw a total fundraising of $84 million. The largest rounds include:

Glow: $30 million
Ellipsis Labs (Phoenix Trade): $21 million
Citrea: $14 million

This brings the cumulative fundraising for the week to $169.10 million.

Tech Partnerships

In other news, Binance has partnered with Amazon Web Services to enhance its user experience, aiming to streamline Know Your Customer (KYC) verification processes that are often seen as cumbersome and costly.

Market Sentiment

Despite the recent price fluctuations and TVL declines, the overall sentiment remains cautiously optimistic, particularly with institutional players like BlackRock entering the space and tech advancements from companies like Apple, which recently reported earnings that exceeded expectations thanks to AI-enhanced products.

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