Cryptocurrency Market Update: Layer 2 TVL Drops to $7.97B as Bitcoin and Ethereum Prices Decline

cryptosummary

Nov 2, 2024 — 1 min read

The current landscape of the cryptocurrency market reveals a notable decline in total value locked (TVL) across Layer 2 networks. As of today, the total TVL on L2 Beat stands at $7.97 billion, down from $8.10 billion yesterday.

Top Layer 2 Networks' TVL

Base: $2.48 billion (down 0.90%)
Arbitrum: $2.36 billion (down 1.61%)
Optimism: $637.31 million (down 2.41%)
Blast: $590.92 million (down 2.44%)
Mantle: $479.65 million (down 2.11%)

Current Cryptocurrency Prices

Bitcoin (BTC) is currently priced at $69,287, a slight decrease from $69,441 yesterday. Meanwhile, Ethereum (ETH) is trading at $2,483, down from $2,512.

Fundraising Activities

As it is the weekend, total funding data remains unavailable. However, cumulative fundraising over the current week has reached $169.10 million.

Recent News Highlights

In a significant development, the U.S. Department of Justice has indicted Aleksei Andriunin, a 26-year-old Russian national and founder of the crypto firm Gotbit. He faces charges of wire fraud and conspiracy to commit market manipulation, raising concerns about the integrity of the crypto market.

In corporate news, MicroStrategy has unveiled a massive $42 billion capital fundraising plan aimed at purchasing more Bitcoin. The company’s “21/21 Plan” seeks to raise $21 billion in equity and $21 billion in fixed income securities, reaffirming its commitment to Bitcoin accumulation.

On the state level, Florida’s Chief Financial Officer, Jimmy Patronis, disclosed that the state currently holds $800 million in crypto investments. He expressed optimism about increasing this amount, particularly if former President Donald Trump secures another presidential term.

In other news, Ripple has reported a strong Q3 performance, driven by increased demand for XRP from institutional players. The trading volume for XRP has surged, accompanied by a reduction in transaction costs, indicating a growing interest in microtransactions on the Ripple network.

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