Cryptocurrency Market Sees TVL Drop on L2 Networks; BTC and ETH Prices Decline Further

The cryptocurrency market is experiencing significant fluctuations, with recent data showing a drop in Total Value Locked (TVL) on Layer 2 (L2) networks. According to L2 Beat, the current TVL stands at $8.99 billion, down from $9.38 billion yesterday.

Among the top L2 networks, Arbitrum leads with a TVL of $2.74 billion, reflecting a -4.58% change from the previous day. Blast follows with $1.81 billion, showing a -7.07% decline. Base and Optimism both recorded a -2.93% change, with TVLs of $1.54 billion and $669.78 million, respectively. Linea also saw a decrease of -3.76%, bringing its TVL to $653.37 million.

Bitcoin (BTC) and Ethereum (ETH) prices have also seen notable declines. BTC is currently priced at $59,293, down from $63,313 yesterday. ETH has dropped to $3,294 from $3,418.

In fundraising news, the total funding today amounts to $4.15 million, with the biggest round being SoSoValue, which secured the entire amount. This brings the cumulative fundraising for the current week to $150 million.

Bitcoin miner Hut 8 has landed a $150 million investment from Coatue Management. This investment is driven by Hut 8's ability to power generative AI applications with its high-performance computing capabilities.

SnowBridge has launched its cross-chain bridge, enhancing interoperability within the Polkadot ecosystem. This bridge connects Polkadot and Ethereum, marking a significant advancement in cross-chain technology.

Mt. Gox's $9 billion Bitcoin payback plan is set to start in July. The Rehabilitation Trustee has requested patience from stakeholders as the repayment process begins.

CoinShares has secured a 116% return from the sale of its FTX claim, amounting to $39.78 million. The firm plans to reinvest this amount into growth opportunities and enhanced client services.