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Crypto Market Surge: Bitcoin, Ethereum Rise Amid Major Developments and Funding Milestone

Crypto Market Surge: Bitcoin, Ethereum Rise Amid Major Developments and Funding Milestone

Crypto Market Analysis

The cryptocurrency market is currently experiencing a dynamic period with significant developments and data shifts. As of today, the Total Value Locked (TVL) on L2 Beat stands at $9.96 billion, a slight increase from $9.85 billion yesterday.

The top-five Layer 2 (L2) networks have shown varied performances:

  • Arbitrum: $3.04 billion (up 1.09% from yesterday)
  • Blast: $2.14 billion (up 1.57% from yesterday)
  • Base: $1.68 billion (up 1.51% from yesterday)
  • Optimism: $745.67 million (up 1.18% from yesterday)
  • Linea: $698.43 million (up 1.79% from yesterday)

Bitcoin (BTC) is currently priced at $66,515, showing a modest rise from $66,196 yesterday. Ethereum (ETH), too, has seen an uptick, now trading at $3,600 compared to $3,567 the previous day.

In recent news, El Salvador's President Bukele has proposed the establishment of a Bitcoin bank just two weeks into his second term. This proposal is part of a broader economic plan that includes Bitcoin banks, as revealed in a post by the US ambassador on X.

Apple's recent WWDC has put Render (RNDR) in the spotlight. The new iPad Pro will utilize Render Network's decentralized GPU power through OctaneX, potentially revolutionizing digital content creation. This news has garnered attention from BeInCrypto.

Crypto startup funding has surpassed the $100 billion mark, a milestone achieved in just a decade, largely driven by investments post-COVID-19. This week alone, cumulative fundraising has reached $112.80 million, though no new rounds were reported today due to the weekend.

Looking ahead, Bloomberg's senior ETF analyst Eric Balchunas has forecasted the approval of Ethereum (ETH) ETFs in the US by July 2nd. This prediction has stirred anticipation in the market, as shared in a detailed thread on X.

Meanwhile, on-chain analyst Ali Martinez has reported that Bitcoin whales have offloaded over 50,000 BTC, worth approximately $3.30 billion, in the past 10 days. This significant movement highlights the ongoing volatility and strategic maneuvers within the crypto space.