What’s Happening in Crypto Today? Daily Crypto News Summary

Last updated: May 23, 2024 6:27 pm EDT | 3 minutes reading

Get your daily blockchain and crypto news digest today – delving into the stories flying under today’s news radar.

In today’s crypto news:

• Why is crypto bearish today?
• Elixir Games acquires RoboKiden and partners with Ava Labs
• Spark Launches Stablecoin Savings Solution on Gnosis Chain

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Why is crypto bearish today?

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

Most of the top 100 coins are back in the red now.

Among these, ESSENTIAL fell further in the last 24 hours: 6.3% to US$1.69.

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

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

About that, Bittensor (TAO) increased more today. It rose 11.3% to US$477.61. It is also the only coin in the top 100 with a double-digit increase.

The second best performance is SAFE, with an increase of 6.4% to US$2.45. He shares this place with JasmyCoin (JASMY)which had the same increase, reaching US$0.02197.

Of the top 10 coins by market cap, only three are trending today.

Toncoin (TON) more appreciated. It rose 2.2%, trading at US$6.45.

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

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

All other red coins also fell by around 1% except Bitcoin (BTC). It fell 0.3%, changing hands to $69,590.

Meanwhile, during their most recent meeting, the U.S. Federal Reserve Authorities expressed growing concern about inflation.

The Federal Open Market Committee (FOMC) decided to keep the short-term financing rate in the range of 5.25%-5.5%, the highest level in 23 years.

Elixir Games acquires RoboKiden and partners with Ava Labs

Web3 gaming platform Elixir Gamesbacked by industry giant Square Enixannounced the acquisition of RoboKidenan intellectual property developed by the game studio Breach Studioscomposed of professionals from the teams behind the Assassin’s Creed It is Rainbow Six sagas, among others.

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

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

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

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

Players will be able to explore “an extravagant battle arena featuring colorful characters and surrounded by imposing robots.”

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

The team plans to launch RoboKiden in July this year.

This acquisition and partnership follows the successful closing of a $14 million seed funding roundsaid Elixir Games, with notable contributions from Solana Foundation, NeoTokyoIt is CyberKongz.

Spark Launches Stablecoin Savings Solution on Gnosis Chain

Sparkthe first SubDAO within the MakerDAO ecosystem, launched ‘Spark Cash & Savings’ in Chain of Gnosisthe 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,” he added.

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

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

Furthermore, Spark Cash & Savings benefits from Gnosis Chain’s low gas fees, significantly reducing users’ transaction costs, the team argued. users can pay fees in xDAIa stable coin pegged to DAI.

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

Sam MacPherson, CEO of developer Spark Fênix Laboratoriescommented that the user experience in DeFi is “harmed by obtuse, complex and non-intuitive financial tools”, but that “Spark is changing the game”.

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

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

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