Cryptocurrency Market Update: Layer 2 TVL Rises to $8.76B Amid Bitcoin's Near $70K Surge
The cryptocurrency market is currently experiencing a mix of activity as various factors influence investor sentiment and asset performance. As of today, the total value locked (TVL) across Layer 2 networks stands at $8.76 billion, showing a slight increase from yesterday's $8.74 billion.
Among the top five Layer 2 networks, Base leads with a TVL of $2.51 billion, though it has seen a decrease of 0.40% since yesterday. Following closely is Arbitrum at $2.42 billion, also down by 0.36%. Scroll holds $836.66 million after a drop of 1.31%, while Blast is at $692.23 million, increasing by 0.77%. Optimism has shown a notable rise, now at $683.55 million, up by 6.62%.
In terms of cryptocurrency prices, Bitcoin is currently trading at $67,059, down from $68,973 yesterday. Meanwhile, Ethereum is priced at $2,672, a decline from $2,743.
Today's fundraising activities have been highlighted by Stripe's acquisition of Bridge for a landmark $1.1 billion. This deal is set to enhance Stripe's crypto payment solutions, integrating stablecoins like USDT and USDC for smoother cross-border transactions.
In broader market movements, crypto inflows have surged to $2.2 billion, largely driven by optimism surrounding the upcoming US elections and a potential Republican victory. This positive sentiment has notably boosted Bitcoin inflows, contributing to its recent price surge.
On the regulatory front, the European Union has launched the Trusted Investors Network in Athens, aiming to attract venture capital investments into deep-tech sectors, including biotechnology and AI.
However, not all news is positive. A recent paper from the European Central Bank has sparked debate by claiming that early Bitcoin adopters could potentially "impoverish the rest of society," suggesting that wealth distribution favors those who entered the market first.
Bitcoin's recent performance has been impressive, nearing its all-time high as investors withdrew $2.73 billion from exchanges. Currently, Bitcoin is close to breaking the $70,000 mark, fueled by strong bullish momentum. However, analysts caution that a correction could occur if key support levels fail to hold.
