Crypto Market Sees Shifts: Layer 2 TVL Drops, Bitcoin and Ethereum Prices Rise Slightly

The cryptocurrency market is witnessing notable shifts today, with the total value locked (TVL) on Layer 2 (L2) solutions standing at $9.73 billion, down from $9.83 billion yesterday.

Among the top five L2 networks, Arbitrum leads with a TVL of $2.98 billion, showing a slight decline of 0.89% from yesterday. Blast follows with $2.06 billion, also down by 0.89%. Base holds $1.64 billion, reflecting a 0.83% decrease. Optimism has $727.53 million, marking a 1.84% drop, while Linea rounds out the top five with $668.02 million, down 1.16%.

In the broader market, Bitcoin (BTC) has seen a modest increase, trading at $66,242, up from $66,022 yesterday. Ethereum (ETH) also shows a slight uptick, currently priced at $3,497, up from $3,478.

On the fundraising front, today's total stands at $2.40 million, entirely raised by STAGE. Over the current week, cumulative fundraising has reached $112.80 million.

Several significant developments are shaping the crypto landscape:

• El Salvador's Bitcoin bank proposal is gaining traction. The Bank for Private Investment aims to diversify financing options for investors, offering both Dollars and Bitcoin.
• The US Government has seized $5.25 million in JPMorgan Chase bank accounts, alleging the funds were stolen in a sophisticated fraud scheme targeting a workers union in Massachusetts.
• Pope Francis has called for a global ban on AI weapons, stating, "No machine should ever choose to take the life of a human being," at the G7 Summit.
• Bernstein, a global investment firm, predicts Bitcoin will hit $200,000 by 2025, revising its previous target of $150,000 set in March.
• Coinbase, a top US crypto exchange, has rolled out support for the new native token of Pirate Nation, an Ethereum-based RPG. The PIRATE token, which launched on Wednesday, is up nearly 90%.