Cryptocurrency Market Update: Layer 2 TVL Drops to $6.02B Amid Price Declines and Scandals

The cryptocurrency market is currently experiencing notable fluctuations, with the total value locked (TVL) on Layer 2 networks seeing a decline. As of now, the total TVL stands at $6.02 billion, down from $6.18 billion yesterday.

Top Layer 2 Networks

• Base: Current TVL is $2.83 billion, a decrease of 1.86% from yesterday.
• Arbitrum: Current TVL is $2.44 billion, down by 1.79%.
• Mantle: Current TVL is $224.25 million, reflecting a significant drop of 13.74%.
• Linea: Current TVL is $149.05 million, decreasing by 1.98%.
• Blast: Current TVL is $119.73 million, down 13.54%.

Current Price Movements

The prices of major cryptocurrencies have also seen declines. Bitcoin (BTC) is currently priced at $82,899, down from $84,365 yesterday. Ethereum (ETH) is at $1,887, a decrease from $1,940.

Market Activity and Fundraising

As it is the weekend, total fundraising data is not available. However, cumulative fundraising over the current week has reached $2.32 billion.

Significant News Impacting the Market

In a surprising turn of events, JPMorgan Chase has been embroiled in a scandal after allegedly being tricked into signing a $175 million deal to acquire a fraudulent company. Charlie Javice, a data scientist from the University of Pennsylvania’s Wharton School, played a key role in this incident, raising concerns about due diligence practices in major financial institutions.

Additionally, a Bitcoin whale is making headlines by betting $368 million with 40x leverage on a short position for Bitcoin, anticipating a decline ahead of crucial economic reports that may influence market sentiment.

In another development, Chainlink has unlocked 19 million LINK tokens, valued at approximately $262 million, and transferred the majority to Binance. This move could affect liquidity and trading volumes across the market.

On the banking front, Wells Fargo is suing JPMorgan Chase over a $481 million loan, claiming the latter was aware of inflated financial statements. This legal battle could have broader implications for financial regulations and lending practices.

In the tech sector, Baidu has launched new AI models, claiming they outperform competitors like DeepSeek and OpenAI on benchmarks while being more cost-effective. This advancement signals ongoing competition and innovation in the technology landscape.