Layer 2 Networks Surge to $7.76 Billion: Bitcoin and Ethereum Prices Climb Amid Crypto Growth
```html
The cryptocurrency market is witnessing notable shifts, with the total value locked (TVL) on Layer 2 networks rising to $7.76 billion, up from $7.64 billion yesterday. This increase reflects a growing interest in scaling solutions and decentralized finance (DeFi) projects.
Among the top five Layer 2 networks, Arbitrum leads with a TVL of $2.50 billion, marking a daily increase of 1.80%. Base follows closely with a TVL of $1.57 billion, up 1.52%. Blast is making strides as well, currently holding $731.24 million, a 1.42% rise. Scroll and Optimism also show positive movements, with TVLs at $716.39 million and $601.86 million, increasing by 2.32% and 2.29%, respectively.
In the broader market, Bitcoin (BTC) has surged to $61,137, a significant jump from $58,386 yesterday. Ethereum (ETH) also sees a positive trend, now priced at $2,384, up from $2,299.
Today's fundraising efforts have reached a total of $17.20 million. The biggest rounds include Pipe Network at $10 million, LogX with $4 million, and RISE Chain raising $3.20 million. Over the current week, cumulative fundraising amounts to $25.40 million, indicating robust investor interest.
Recent developments further highlight the evolving landscape of digital assets. BlackRock, once skeptical, has shifted its stance significantly, now advocating for Bitcoin spot ETFs. This change is driven by the potential of digital assets, with CEO Larry Fink emerging as a key voice in the sector.
In another significant move, Ripple co-founder Chris Larsen has led a $10 million funding round for Yellow Network, a DeFi protocol aiming to create a blockchain-agnostic mesh network to enhance liquidity and reduce slippage.
Gate.io has launched 'Pilot', a new feature enabling users to discover and engage with promising on-chain projects. This initiative aims to help users capitalize on emerging market opportunities quickly.
On the institutional front, Singapore's DBS Bank has announced the launch of over-the-counter (OTC) options trading for Bitcoin and Ethereum. This makes DBS the first Asian-headquartered bank to offer such products, catering to institutional clients looking to expand their exposure to cryptocurrencies while managing risk. The products are set to be available in Q4 2024, coinciding with the rising interest in digital assets.
Additionally, MoviePass is making a crypto pivot by teaming up with Sui to integrate USDC for subscription payments, further showcasing the growing intersection of traditional services and blockchain technology.
```
