Cryptocurrency Market Update: Layer 2 TVL Hits $7.18B, Bitcoin Surges to $98K Amidst Key News

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Feb 6, 2025 — 2 min read

The cryptocurrency market is witnessing notable movements as we analyze the latest data. The total value locked (TVL) across Layer 2 networks has increased to $7.18 billion, up from $7.06 billion yesterday.

Top Layer 2 Networks

Base: Current TVL is $3.17 billion, a rise of 3.00% from yesterday.
Arbitrum: Current TVL stands at $2.73 billion, with a daily increase of 1.31%.
Mantle: Current TVL is $372.36 million, reflecting a slight decline of -0.51%.
Blast: Current TVL is $254.43 million, down by -0.40%.
Linea: Current TVL is $241.70 million, with a minimal drop of -0.13%.

Current Prices

Bitcoin's price has surged to $98,001, marking an increase from $96,521 yesterday. However, Ethereum's price has dipped to $2,751, down from $2,786.

Fundraising Highlights

Today, the total fundraising amount reached $21.00 million, with the largest rounds being:

Reservoir: $14.00 million
Rho Labs: $4.00 million
Henlo: $3.00 million

In total, cumulative fundraising for the week has hit $91.80 million.

Market News

In significant news, BlackRock is set to launch a Bitcoin exchange-traded product (ETP) in Europe, following the successful debut of IBIT in the US last year. This move could further legitimize Bitcoin in institutional circles.

On another note, MicroStrategy, now rebranded as 'Strategy,' reported a staggering $670 million net loss in Q4. This loss coincided with the company’s aggressive acquisition of 218,887 Bitcoin, marking its most intense quarter of stacking yet.

Additionally, the CFTC's acting chair announced a shift in regulatory strategy, moving away from "regulation by enforcement." The agency will now focus on two task forces aimed at addressing complex fraud and retail fraud, a notable change in how the regulatory landscape will evolve.

In Ethereum-specific news, optimism for futures trading is at a monthly low, raising questions about whether the $2,800 level is a buy zone. Analysts suggest that reclaiming the $3,400 mark could pose a significant challenge.

Lastly, a new Cointelegraph documentary highlights how AI is transforming agriculture. The film explores how AI technology is enhancing productivity among smallholder farmers, addressing future global food shortages.

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