What’s Happening In Crypto Today? Daily Crypto News Digest

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Get your daily, bite-sized digest of blockchain and crypto news today – investigating the stories flying under the radar of today’s news.

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Why is crypto down today?

The global cryptocurrency market capitalization is down another 0.3% today, currently standing at $2.72 trillion.

Most top 100 coins are back in red now.

Among these, CORE fell the most over the past 24 hours: 6.3% to $1.69.

Next in line is Render (RNDR), with a 5.1% drop to the price of $10.58.

Other coins on this list decreased by less than 4.5%.

In the meantime, Bittensor (TAO) increased the most today. It’s up 11.3% to $477.61. It’s also the only coin among the top 100 with a double-digit rise.

The second-best performer is SAFE, with a 6.4% increase to $2.45. It shares this spot with JasmyCoin (JASMY), which saw the same rise, taking it to $0.02197.

Out of the top 10 coins per market cap, only three are up today.

Toncoin (TON)appreciated the most. It went up 2.2%, trading at $6.45.

Ethereum (ETH)and Lido Staked Ether (STETH) rose 1.15% each to $3,790.

On the other hand, Solana (SOL) fell the most: 1.5% to $177.76.

All other red coins also dropped around 1%, except Bitcoin (BTC). It’s down 0.3%, changing hands at $69,590.

Meanwhile, during their most recent meeting, the US Federal Reserve officials expressed growing concern about inflation.

The Federal Open Market Committee (FOMC) decided to keep the short-term borrowing rate in the 5.25%-5.5% range, a 23-year high.

Elixir Games Acquires RoboKiden and Partners with Ava Labs

Web3 gaming platformElixir Games, backed by the industry giant Square Enix, has announced the acquisition of RoboKiden, an intellectual property developed by game studio Breach Studios, composed of professionals from the teams behind the Assassin’s Creed and Rainbow Six sagas, among others.

According to the press release, Elixir Games also announced a strategic partnership with Ava Labs,the team behind the Avalanche (AVAX)blockchain.

The platform will utilize Avalanche’s infrastructure to provide a seamless, low-latency gameplay, it said.

It will also leverage the blockchain to “fortify digital ownership rights, establishing RoboKiden as a flagship title within the evolving Avalanche gaming ecosystem.”

RoboKiden is an upcoming free online third-person party shooter for Windows, PS5, Xbox, and Nintendo Switch.

The players will be able to explore “a whimsical battle arena with colorful characters and surrounded by towering robots.”

They’ll also be able to join other players in a team-based game “that combines chaotic fun with strategic gameplay.”

The team plans to release RoboKiden in July this year.

This acquisition and partnership follow the successful closure of a $14 million seed funding round, Elixir Games said, with notable contributions from the Solana Foundation, NeoTokyo, and CyberKongz.

Spark Launches Stablecoin Savings Solution on Gnosis Chain

Spark, the first SubDAO within the MakerDAO ecosystem, has launched ‘Spark Cash & Savings’ on Gnosis Chain, the fully EVM-compatible L1 from Gnosis.

Spark Cash & Savings is a non-custodial solution that improves users’ financial experience with stablecoins, the press release said.

“The move marks a significant milestone in Spark’s multi-chain deployment strategy,” it added.

Spark Cash & Savings helps users self-manage stablecoins, including DAI, MakerDAO’s decentralized stablecoin.

It enables users to easily use their stablecoins in a non-custodial solution connected to the Dai Savings Rate (DSR).

Spark Cash & Savings is live on @gnosischain.

Manage your DAI, USDT, and USDC effortlessly.

Connect to MakerDAO's Dai Savings Rate (DSR) and enjoy the low gas fees of the Gnosis Chain, paid with xDAI.

Saving should be this simple. pic.twitter.com/ImhV0eNLQH

— Spark (@sparkdotfi) May 22, 2024

Moreover, Spark Cash & Savings benefits from the low gas fees on Gnosis Chain, significantly reducing users’ transaction costs, the team argued. users can pay fees in xDAI, a stablecoin pegged to DAI.

Also, the solution leverages Gnosis Chain’s seamless integrations and crypto on– and off-ramps.

Sam MacPherson, the CEO of the Spark developer Phoenix Labs, commented that the user experience in DeFi is “marred by obtuse, complex, and unintuitive financial tools,” but that “Spark is changing the game.”

“With Spark Cash & Savings, Spark empowers users to maximize their financial benefits through a non-custodial and user-friendly solution,” he said. “Bringing it to Gnosis Chain makes it even better for Spark’s users, as it offers cheaper transaction fees, which works well with smaller payments via the Gnosis Pay system.”

Friederike Ernst, co-founder of Gnosis, added that the partnership “capitalizes on our synergies to offer unprecedented efficiency and accessibility in the DeFi space. The enhanced utility within the Eurozone, combined with Gnosis Chain’s infrastructural efficiency, positions us uniquely to expand Spark’s user base and streamline transactions, making stablecoin savings straightforward and economical for everyone involved.”

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