Cryptocurrency Surge: Layer 2 Networks Hit $7.35B TVL Amid Market Shifts and Regulatory News

cryptosummary

Feb 23, 2025 — 2 min read

The cryptocurrency market is experiencing a notable uptick in activity, particularly within Layer 2 (L2) networks. The total value locked (TVL) on L2 Beat has risen to $7.35 billion, up from $7.25 billion yesterday. This growth is largely driven by the top L2 networks.

Top-5 L2 Networks' TVL

Base: Current: $3.29B, Yesterday: +1.29%
Arbitrum: Current: $2.96B, Yesterday: +1.29%
Mantle: Current: $289.86M, Yesterday: +5.85%
Linea: Current: $236.19M, Yesterday: +1.25%
Blast: Current: $235.12M, Yesterday: +1.26%

In the broader market, Bitcoin (BTC) is currently priced at $95,841, having decreased from $96,575 yesterday. Ethereum (ETH), on the other hand, has seen a slight increase, currently trading at $2,793, up from $2,765.

Market Sentiment and News

Recent developments have influenced market sentiment. Notably, investing legend Warren Buffett has amassed a record cash position of $334 billion at Berkshire Hathaway after selling off $5.5 billion of his exposure to Bank of America. This move reflects a cautious approach amid economic uncertainties.

In a significant event, Bybit has launched a $140 million bounty program following a massive $1.4 billion hack involving Ethereum. The exchange aims to recover the stolen funds by incentivizing ethical hackers and security experts to assist in the recovery.

Moreover, the U.S. household debt has reached a staggering $18.04 trillion, as reported by the Federal Reserve Bank of New York. This marks a 21-year high, raising concerns about rising delinquency rates among consumers.

On the regulatory front, a bill in Montana is making strides. The Montana Bitcoin Reserve Bill has passed the committee stage and is heading for a vote in the state’s House of Representatives. This bill proposes using Bitcoin as a reserve asset, which could pave the way for broader adoption of digital currencies at the state level.

Funding Activity

As for fundraising, the current weekend shows no significant rounds reported. However, cumulative fundraising over the past week has reached $137.55 million, indicating ongoing interest and investment in the crypto space.

Despite some recent controversies, such as discussions around an Ethereum 'roll back' which has faced criticism, the overall landscape remains dynamic. The market continues to evolve, with significant developments in both technology and regulation shaping the future of cryptocurrency.

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