Bitlayer (BTR), a Binance Alpha token, experienced a sharp decline of approximately 78% over the past 24 hours, now trading at $0.041, according to Binance market data. Bitlayer is a Layer 2 project within the Bitcoin ecosystem, utilizing BitVM technology.The project has secured around $25 million in total funding from notable investors such as Polychain, Franklin Templeton, and Framework Ventures. The significant drop in BTR's value highlights the volatility and risks associated with emerging cryptocurrency projects.