Cryptocurrency Market Update: Layer 2 TVL Drops to $8.62B Amid Major Developments
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The cryptocurrency market is currently experiencing a slight downturn, as reflected in the total value locked (TVL) on Layer 2 networks. The TVL on L2 Beat stands at $8.62 billion, down from $8.76 billion yesterday.
Among the top five Layer 2 networks, the TVL figures are as follows:
- Base: Current: $2.49 billion, Yesterday: -0.94%
- Arbitrum: Current: $2.40 billion, Yesterday: -1.19%
- Scroll: Current: $800.09 million, Yesterday: -4.37%
- Blast: Current: $676.50 million, Yesterday: -2.27%
- Optimism: Current: $670.67 million, Yesterday: -1.88%
In the broader market, Bitcoin (BTC) is trading at $67,296, down from $67,462 yesterday. Ethereum (ETH) follows suit, currently priced at $2,624, down from $2,667.
On the fundraising front, no significant rounds were reported today due to the weekend. However, cumulative fundraising over the current week has reached $7 million.
In notable news, Stripe has made headlines by inking a $1.1 billion deal to acquire the stablecoin platform Bridge. This acquisition follows Stripe's earlier announcement of stablecoin support, marking one of the largest deals in crypto history.
Additionally, Bitcoin ETF inflows have surged to over $2 billion, driven by rising odds of a Trump election victory. Digital asset investment products saw inflows of $2.2 billion last week, the largest weekly increase since July 2023.
In other developments, the Sui blockchain has launched an 'Incubator' hub in Dubai aimed at fostering blockchain development and entrepreneurship. This initiative is expected to provide 'on the spot' solutions for developers.
Buenos Aires has also embraced crypto technology, adding zero-knowledge proofs to its city app to enhance privacy for its 3.6 million residents. This move aims to give citizens greater control over their personal data.
As the market continues to evolve, these developments reflect the ongoing integration of cryptocurrency into various sectors.
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