Cryptocurrency Market Update: Layer 2 TVL Drops, Bitcoin Rises Amid Key Developments
The cryptocurrency market is currently experiencing a notable shift as total value locked (TVL) on Layer 2 networks has dropped to $8.30 billion, down from $9.24 billion yesterday. This decline reflects a challenging environment for several prominent Layer 2 networks.
Top Layer 2 Networks' TVL
- Base: $3.61 billion (down 2.47%)
- Arbitrum: $2.98 billion (down 2.16%)
- Mantle: $453.74 million (down 35.27%)
- Blast: $384.88 million (down 21.72%)
- Linea: $296.33 million (down 25.17%)
Current Cryptocurrency Prices
Bitcoin (BTC) is currently priced at $104,783, up from $103,846 yesterday. Ethereum (ETH) follows closely at $3,266, a slight increase from $3,242.
Fundraising Activities
Today, the total fundraising in the crypto space reached $35.50 million. The biggest rounds include:
- SOON: $22.00 million
- BugsCoin: $8.50 million
- Keplr: $5.00 million
This week, cumulative fundraising has hit $77.00 million.
Market News Highlights
In a significant development, BlackRock CEO Larry Fink revealed that he has engaged in discussions with sovereign wealth funds regarding potential Bitcoin investments. This comes amid rising fears of a dollar collapse, which he predicts could drive Bitcoin's value to $14 trillion.
Meanwhile, Changpeng âCZâ Zhao, the wealthiest figure in crypto with a net worth of $70 billion, is converting the venture capital arm of Binance into a family office. This move comes shortly after his release from prison, highlighting a robust recovery in the crypto sector.
In another key update, Circle has acquired Hashnote and integrated its USYC fund with USDC. This acquisition is seen as a transformative step in the evolving landscape of tokenized money markets and stablecoins.
On a more concerning note, David Balland, co-founder of Ledger, was recently released after being kidnapped. French police are actively pursuing the perpetrators of this incident.
As the market continues to evolve, these developments reflect both the challenges and the opportunities that lie ahead in the cryptocurrency space.
