Crypto Market Sees Major Drops in TVL; Bitcoin and Ethereum Prices Decline Sharply

Crypto Market Update

The cryptocurrency market is experiencing significant fluctuations. The Total Value Locked (TVL) on L2 Beat has dropped from $10.18B yesterday to $9.52B today.

Top-5 L2 Networks' TVL:

• Arbitrum: $3.08B (down 4.57%)
• Base: $1.63B (down 7.54%)
• Blast: $1.18B (down 8.16%)
• Scroll: $729.15M (down 6.43%)
• Optimism: $706.31M (down 7.86%)

Bitcoin and Ethereum prices have also seen declines. BTC is currently at $64,651, down from $65,399 yesterday. ETH has dropped to $3,138 from $3,333.

In terms of fundraising, today's total reached $118.50M. The biggest rounds include Block Mining with $92.50M, Caldera with $15.00M, and DAOBase with $6.00M. The cumulative fundraising over the current week stands at $178.91M.

Recent news highlights significant movements in the crypto space. EigenLayer has experienced outflows of $2.3B, indicating a slide in the restaking sector. Billions worth of ether have been withdrawn from restaking protocols over the past month.

Cardano is undergoing a major upgrade as validators start updating their software for the Chang hard fork. This move will allow investors to control a $14bn blockchain.

Protocol Village has announced the arrival of ZK Proofs on Bitcoin, and Roxom has launched a Bitcoin-based stock, commodities, and futures exchange. These advancements are part of the latest blockchain tech upgrades and deals.

Mt. Gox still holds 90,000 Bitcoin, valued at roughly $6 billion. Creditors have been waiting for reimbursement since the exchange's collapse in 2014.

In other news, Social Infrastructure OpenSocial Protocol has received $6 million in strategic backing led by Framework Ventures and North Island Ventures to fuel community apps.