Cryptocurrency Market Update: Layer 2 TVL Drops to $6.94B Amid Bitcoin and Ethereum Price Declines

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— 2 min read
Cryptocurrency Market Update: Layer 2 TVL Drops to $6.94B Amid Bitcoin and Ethereum Price Declines

The current state of the cryptocurrency market shows a slight decline in total value locked (TVL) across Layer 2 networks. As of now, the total TVL on L2 Beat stands at $6.94 billion, down from $7.12 billion yesterday.

Focusing on the top five Layer 2 networks:

  • Base: Current TVL is $3.07 billion, reflecting a decrease of 1.87% from yesterday.
  • Arbitrum: Current TVL is $2.68 billion, down 2.34%.
  • Mantle: Current TVL is $358.47 million, showing a decline of 3.90%.
  • Blast: Current TVL is $239.77 million, down 4.60%.
  • Linea: Current TVL is $228.46 million, decreasing by 4.58%.

In terms of market prices, Bitcoin (BTC) is currently valued at $96,082, down from $96,503 yesterday. Ethereum (ETH) is priced at $2,616, a slight drop from $2,621.

On the fundraising front, a total of $12.00 million has been raised today. The largest funding rounds include:

  • Fragmetric: $7.00 million
  • Prodigy.Fi: $5.00 million

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

In notable news, Coinbase's assets under management (AUM) have surged to $420 billion, surpassing the 21st largest US bank. CEO Brian Armstrong stated that if viewed as a brokerage, Coinbase would rank as the 8th largest brokerage in the US by AUM.

BlackRock has increased its stake in Michael Saylor's Strategy to 5%. This investment follows the rebranding of MicroStrategy to Strategy, marking a significant shift in corporate Bitcoin holdings.

Kentucky has joined a growing list of US states to introduce a Bitcoin reserve bill. This legislative move is seen as a strong endorsement of Bitcoin and brings the nation closer to establishing a federal Bitcoin reserve.

In a fascinating development, AI agents are now trading intellectual property rights with each other, earning cryptocurrency for their owners. This innovation comes from Story Protocol's new framework, potentially paving the way for an AI-to-AI economy.

On the regulatory front, Japan's Financial Services Agency has requested Apple and Google to remove unregistered crypto exchange apps. The agency clarified that this action is not aimed at shutting down crypto investing but rather at enforcing compliance among exchanges.

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