Daily Market Wrap
Crypto market cap: 1.72 trillion, down 0.98%
BTC price stands at USD 37,982, down 1.02%
ETH price stands at USD 2,799, down 1.28%
Top gainer: Helium (HNT), up 7.41%
Top loser: Kyber Network Crystal v2 (KNC), down 13.61%
News of the Day
Why it matters:
Crypto.com announced yesterday that it will slash the staking rewards and lower the cash back rates on its popular Visa-enabled cards
Effective on June 1, Midnight Blue and Ruby Steel tier would be revised to 0%, Royal Indigo and Jade Green tier would get 0.5%, Icy White and Frosted Rose Gold would get 1%, while Obsidian, the highest tier, would be 2%
The community got raged on Reddit and Twitter criticizing the change mainly because emoving the staking rewards seems to discourage holding the company’s native token CRO
Crypto daily spotlight
Brief introduction: Established in June 2019, Algorand is a scalable, secure, and decentralized digital currency and smart contract platform, using a variation of Proof-of-Stake (PoS) called Pure PoS (PPoS). Unlike other PoS blockchains, PPoS-Algorand does not reward, nor does it put validator or user funds at risk of being slashed.
Why it matters:
According to the agreement, the partnership with Algorand will be primarily for the World Cup competition that starts in November in Qatar
Algorand will provide FIFA the official blockchain-supported wallet for access to "further develop its digital assets strategy". In return, Algorand will also get exposure through FIFA
Algorand’s native ALGO tokens rose more than 20% when the news came out
Daily sector tracker
Daily News Roundup
Crypto Exchange OKX Secures F1 Mega Deal https://bit.ly/38Npcqo
Leading Venture Capital a16z Plans to Invest $500 million for Indian Startups https://bit.ly/3FoSXuh
Anchor Protocol’s Semi-dynamic Earn Rate Changes to 18% APY as of Yesterday https://bit.ly/3kxFdDR
Samsung Group’s Investment Arm Plans to List Its Blockchain ETF on The Hong Kong Stock Exchange https://bit.ly/3MJhMU3
DeFi Kingdoms' JEWEL Token Down 90% Because of A Recent Exploit https://bit.ly/3MGFksy
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