Cryptocurrency Market Update: Layer 2 TVL Drops to $10.32B Amid Bitcoin Price Fluctuations

cryptosummary

— 2 min read
Cryptocurrency Market Update: Layer 2 TVL Drops to $10.32B Amid Bitcoin Price Fluctuations

The cryptocurrency market is currently navigating through a phase of adjustment, with the total value locked (TVL) across Layer 2 networks reflecting a decrease. As of now, the total TVL on L2 Beat stands at $10.32 billion, down from $10.65 billion yesterday.

Among the top five Layer 2 networks, the following figures are notable:

  • Base: Current TVL is $3.87 billion, down 1.46% from yesterday.
  • Arbitrum: Current TVL is $3.28 billion, down 2.98%.
  • Optimism: Current TVL is $767.24 million, down 3.48%.
  • Blast: Current TVL is $578.63 million, down 4.83%.
  • Mantle: Current TVL is $466.64 million, down 12.00%.

On the price front, Bitcoin (BTC) shows a slight uptick, currently priced at $97,524, compared to $97,421 yesterday. In contrast, Ethereum (ETH) has seen a decline, now at $3,673, down from $3,715.

In fundraising news, the market has seen a total of $11.00 million raised today, with the largest rounds being:

  • Lava: $10.00 million
  • Mandala Chain: $1.00 million

For the current week, cumulative fundraising totals $60.00 million.

In a notable shift in sentiment, Michael Saylor, co-founder of MicroStrategy, has called for the U.S. to abandon gold in favor of Bitcoin. He described gold as a “shiny dead rock” and advocated for Bitcoin as a strategic reserve asset to enhance U.S. economic leadership globally.

On the mining front, Riot Platforms is set to raise $525 million through a private convertible debt offering aimed at acquiring more bitcoins. This move underscores the ongoing interest in Bitcoin as a valuable asset for corporate strategies.

In international discussions, a Russian lawmaker has proposed the establishment of a Bitcoin reserve to bolster financial stability, highlighting the growing recognition of Bitcoin as an alternative to traditional currencies amidst inflation and sanctions risks.

Moreover, the intersection of Bitcoin and artificial intelligence continues to be a hot topic. As machines become smarter, economic activities are increasingly shifting towards artificial agents, suggesting a future where AI plays a significant role in the cryptocurrency landscape.

As the market evolves, developments in technology, such as Google’s announcement of the quantum chip Willow, may further influence the dynamics of cryptocurrency and its integration into broader economic systems.

Read more