Layer 2 TVL Declines, Bitcoin Dips, Alibaba Challenges Meta with Qwen2 AI Model
In the current cryptocurrency market, the Total Value Locked (TVL) on Layer 2 solutions has seen a slight decline. According to L2 Beat, the TVL stands at $10.22 billion, down from $10.49 billion yesterday.
The top five Layer 2 networks also reflect this downtrend:
- Arbitrum: $3.14 billion, down 1.52%
- Blast: $2.21 billion, down 2.65%
- Base: $1.69 billion, down 3.08%
- Optimism: $781.96 million, down 6.61%
- Linea: $660.95 million, down 1.60%
Meanwhile, Bitcoin's price has shown a slight increase, currently at $69,426 from $69,320 yesterday. Ethereum has also seen a minor uptick, trading at $3,694 compared to $3,680 the previous day.
Despite the marginal gains in BTC and ETH prices, the market faced significant turbulence. Bitcoin experienced a sharp dip, leading to the liquidation of nearly $300 million in long positions. This sudden drop caused a ripple effect, impacting traders across the board.
Additionally, Bitcoin transaction fees are soaring. A major exchange's efforts to declutter its Bitcoin wallet have led to increased fees, affecting the broader market.
On a positive note, Bybit has opened its trading services to Chinese users living abroad, expanding its reach and potentially boosting market activity.
In the world of AI, Alibaba has unveiled the Qwen2 model, which is set to challenge Meta and OpenAI. The new open-source model outperforms Meta's LLama3 in key benchmarks, marking a significant development in the AI landscape.
However, it's not all smooth sailing in the tech world. Microsoft has faced backlash over its new Windows AI 'Recall' feature, prompting the company to implement safeguards to address privacy concerns.
In terms of fundraising, today saw no new funding rounds. However, the cumulative fundraising for the week stands at $402.25 million.
