Cryptocurrency Market Update: Layer 2 TVL Rises to $7.29B, Bitcoin and Ethereum Prices Climb
The cryptocurrency market is currently witnessing a slight uptick in total value locked (TVL) across Layer 2 networks. As of now, the total TVL on L2 Beat stands at $7.29 billion, an increase from $7.26 billion yesterday.
Top Layer 2 Networks
- Base: Current: $3.28 billion, Change: +0.83%
- Arbitrum: Current: $2.86 billion, Change: +0.31%
- Mantle: Current: $353.95 million, Change: -0.07%
- Linea: Current: $233.99 million, Change: +0.27%
- Blast: Current: $232.87 million, Change: -0.17%
Price Movements
Bitcoin (BTC) is trading at $95,855, up from $95,392 yesterday. Meanwhile, Ethereum (ETH) has risen to $2,697, compared to $2,666 the previous day.
Fundraising Highlights
Today's fundraising efforts have totaled $86 million, with notable rounds including:
- Blockaid: $50 million
- Cygnus Finance: $20 million
- Altius: $11 million
In total, cumulative fundraising for the week has reached $111.05 million.
Market News
Tether is making headlines with a $385 million bid for a South American farming firm, following their recent investment in an Italian soccer club. This move indicates Tether's aggressive expansion strategy.
In other news, FTX has initiated its $1.2 billion payout process to creditors, aiming for a surprisingly high recovery amount nearly a year after the downfall of Sam Bankman-Fried.
Michael Saylor’s Strategy is proposing a $2 billion convertible note offering to acquire more Bitcoin, potentially increasing their already substantial holdings of 478,740 Bitcoin.
Grayscale has launched the Pyth investment fund, which aims to provide “higher-beta” exposure to the growth of the Solana ecosystem, further diversifying their suite of single-asset crypto funds.
On the regulatory front, Nigeria is set to amend its digital asset regulations to tax cryptocurrency transactions, a move aimed at boosting government revenue.
