Cryptocurrency Market Update: Layer 2 TVL Drops, Bitcoin Demand Surges Amid Regulatory Changes
The cryptocurrency market is currently experiencing notable fluctuations, with the total value locked (TVL) on Layer 2 networks dropping to $9.27 billion, down from $9.99 billion yesterday. This decline reflects a broader trend across the top Layer 2 networks.
Here’s a breakdown of the TVL for the top five Layer 2 networks:
- Base: Current: $3.66B, Yesterday: -6.82%
- Arbitrum: Current: $2.98B, Yesterday: -7.94%
- Optimism: Current: $749.59M, Yesterday: -7.99%
- Mantle: Current: $464.49M, Yesterday: -3.60%
- Blast: Current: $444.11M, Yesterday: -6.62%
In the broader market, Bitcoin (BTC) is currently priced at $95,167, down from $96,923 yesterday. Ethereum (ETH) is trading at $3,366, slightly decreased from $3,378.
On the fundraising front, today has seen a total of $32.70 million raised, with the biggest round coming from FTX EU, contributing the entire amount. Over the current week, cumulative fundraising has reached $81.70 million.
In regulatory news, the resignation of CFTC Chairman Rostin Behnam coincides with SEC Chair Gary Gensler's departure, marking a significant shift in U.S. crypto regulation. This change could have profound implications for the market as new leadership takes the helm.
Furthermore, Ripple has announced an integration with Chainlink to enhance its RLUSD stablecoin, aiming to improve its compatibility with Ethereum-based trading and lending platforms.
In a noteworthy development for Bitcoin, spot Bitcoin ETFs in the U.S. have reportedly acquired nearly three times more BTC than what was mined in December, totaling 51,500 BTC. This surge in demand underscores the growing interest in Bitcoin as an investment vehicle.
On the international front, Thailand is set to pilot cryptocurrency payments in Phuket by 2025, allowing tourists to transact using Bitcoin, which could streamline digital payments in the region.
In tech news, Nvidia has debuted its latest AI super chip but saw its shares drop amid a wider market slump. The chip is set to retail for $3,000 starting in May.
