Cryptocurrency Market Update: Layer 2 TVL Drops, Bitcoin Surges, and New ETF Developments!

cryptosummary

Feb 7, 2025 — 2 min read

The cryptocurrency market is currently experiencing a mix of growth and slight declines across various sectors. The total value locked (TVL) in Layer 2 networks stands at $7.12 billion, a decrease from $7.18 billion yesterday.

Top Layer 2 Networks

Base: Current TVL is $3.13 billion, down 1.34% from yesterday.
Arbitrum: Current TVL is $2.75 billion, showing a slight increase of 0.43%.
Mantle: Current TVL is $373.03 million, with a marginal rise of 0.18%.
Blast: Current TVL is $251.33 million, down 1.22%.
Linea: Current TVL is $239.42 million, decreasing by 0.94%.

Current Prices

Bitcoin (BTC) has surged to a current price of $99,858, up from $96,510 yesterday. Ethereum (ETH) also shows positive movement, currently priced at $2,786, compared to $2,681 yesterday.

Fundraising Activity

Today, the cryptocurrency sector has seen a total funding of $28.54 million, with the largest rounds including:

Superlogic: $13.70 million
The Game Company: $10.00 million
INXY Payments: $3.00 million

For the current week, cumulative fundraising has reached $132.34 million.

Market Insights

ARK Invest has made headlines with projections for Bitcoin, suggesting it could reach between $300,000 and $1.5 million by 2030. Their base case estimates Bitcoin at $710,000, highlighting the rapid rise of stablecoins and digital assets as major factors in the evolving financial landscape.

Regulatory Developments

In regulatory news, Solana and Litecoin are vying for approval of their ETFs, with the SEC currently reviewing their filings. This could pave the way for new investment opportunities in these cryptocurrencies.

Innovations in DeFi

Flare has launched the Flare Fair, a gamified virtual event aimed at showcasing DeFi opportunities. This initiative is designed to engage both newcomers and seasoned crypto enthusiasts in the expanding world of decentralized finance.

Stablecoin Support

Federal Reserve Governor Christopher Waller has expressed support for regulated stablecoins, asserting that they could enhance the US dollar's status as a global reserve currency.

Namada's Progress

Namada has completed the second phase of its mainnet activation, introducing staking rewards and public goods funding. Future phases are set to implement core privacy-enhancing features, further advancing their platform.

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