Cryptocurrency Market Update: Layer 2 TVL Surges to $8.87 Billion Amid Bitcoin ETF Inflows

cryptosummary

Nov 8, 2024 — 1 min read

The cryptocurrency market is experiencing notable shifts as of today. The total value locked (TVL) on Layer 2 networks has increased to $8.87 billion, up from $8.60 billion yesterday. This uptick indicates growing interest in Layer 2 solutions.

Top Layer 2 Networks' TVL

Base: Current: $2.80 billion, Change: 3.88%
Arbitrum: Current: $2.59 billion, Change: 1.99%
Optimism: Current: $714.36 million, Change: 6.32%
Blast: Current: $638.73 million, Change: 2.57%
Mantle: Current: $581.32 million, Change: 7.93%

Current Cryptocurrency Prices

Bitcoin (BTC): Current: $75,844, Yesterday: $76,047
Ethereum (ETH): Current: $2,921, Yesterday: $2,901

Fundraising Activity

Today's total fundraising in the crypto space has reached $16.80 million. The most significant funding rounds include:

Cytonic: $8.30 million
Pond: $7.50 million
SkyX: $1.00 million

Over the current week, cumulative fundraising has totaled $35.15 million.

Market News Highlights

On November 7, Bitcoin ETFs saw record inflows of $1.38 billion, marking the highest single-day figure to date. This surge is attributed to post-election optimism and a recalibration of the market.

In a move towards modernization, Detroit will begin accepting cryptocurrency payments for taxes and fees, utilizing PayPal’s platform for stability and access.

Flare has launched its first decentralized identity KYC trial for Mainland Chinese visitors in Hong Kong, in partnership with Red Date Technology. This initiative is a significant step in digital identity innovation.

Jack Dorsey, CEO of Block Inc., reaffirms the company's focus on Bitcoin, aiming to enhance its digital wallet and mining operations. Block’s Bitcoin stash reportedly grew by $15 million in Q3.

In legal news, a New York federal judge has dismissed a copyright lawsuit against OpenAI concerning its use of news articles for AI training. This ruling raises important discussions around AI training data and copyright law.

Cryptocurrency Market Update: Bitcoin's Surge Drives $9.53B in L2 Networks and $42M Fundraising

The cryptocurrency market is witnessing notable fluctuations, particularly in the layer-2 (L2) networks. As of now, the total value locked (TVL) on L2 Beat stands at $9.53 billion, a slight increase from $9.41 billion yesterday. The top five L2 networks are showing varied performance: * Base: Current TVL is

Cryptocurrency Market Update: Bitcoin Rises, Layer-2 TVL Declines Amid Economic Concerns

The cryptocurrency market is currently witnessing a mix of movements across various segments as investors react to recent developments and market dynamics. The Total Value Locked (TVL) on L2 Beat stands at $9.41 billion, a slight decrease from $9.48 billion yesterday. Top Layer-2 Networks * Base: Current TVL is

Cryptocurrency Regulation: Global Shifts, US Controversies, and Future Compliance Challenges

In the past week, the landscape of cryptocurrency regulation has seen significant shifts, with various countries taking steps toward clearer frameworks. The ongoing debates in the US regarding the role of the SEC and the classification of digital assets continue to spark controversy, while other nations are either tightening their

Bitcoin ETFs See $1.79B Inflow Amidst Market Volatility, Ethereum Struggles with Outflows

Trend This week’s ETF flow reached $1.79B, a decrease from last week's $2.23B, but a notable increase compared to two weeks ago's $973M. Over the past seven weeks, the ETF market has shown volatility with significant fluctuations in inflows. This week’s inflow