Crypto World News Report:
Why Did Cryptocurrencies Decline Today?
Global cryptocurrency market values saw a slight dip today, decreasing by 1% over the past 24 hours to $2.43 trillion.
There were few coins that saw gains today among the top 100, with BEAM performing the best, rising by 9.4% to $0.01866.
BONK closed in on gains, rising by 9.2% with a current trading price of $0.000026.
MultiversX (EGLD) rose by 5.8% to $31.97, while other stocks on the green list rose by less than 5%.
On the other hand, Starknet (STRK) experienced the largest decline today, dropping by 7.4% to $0.6406.
Avalanche (AVAX) and Celestia (TIA) also declined, by 5.9% and 5.4% respectively, to $28.2 and $5.8.
All other coins in this list saw declines of less than 5%.
When looking at the top 10 tokens by market cap, most have seen declines over the past 24 hours.
Within this category, only three coins saw price increases.
Toncoin (TON) saw the largest increase, rising by 4% to $8.05.
Solana (SOL) and XRP also saw minor increases of less than 0.5%. SOL traded at $147.73, while XRP traded at $0.48144.
Meanwhile, Dogecoin (DOGE) was the only currency to see a decline of over 1%, dropping by 1.7% to $0.12337.
At the same time, Ethereum fell just under 1%, currently trading at $3,444.
Bitcoin (BTC) dropped by 0.3% to $62,681.
The remaining two red tokens, BNB and Lido Staked Ether (STETH), also fell by more than 1%.
Additionally, following VanEck’s recent application for a spot Solana exchange-traded fund (ETF), SOL prices have seen an increase.
Moreover, Aave has launched the GHO stablecoin on Arbitrum supported by Chainlink CCIP.
Following community discussions and votes, Aave DAO introduced GHO (Aave Protocol’s native multi-collateral stablecoin) on the Arbitrum network.
According to a press release, this marks the first new market in Aave DAO’s phased GHO cross-chain expansion strategy.
GHO will utilize Chainlink’s cross-chain interoperability protocol (CCIP), compatible with both EVM and non-EVM networks. While stablecoins are issued on the Ethereum mainnet, Chainlink CCIP’s cross-chain strategy offers integration opportunities and new use cases.
Furthermore, CCIP’s cross-chain security aspects support risk management leverage, such as configurable rate limits and control over GHO bridging logic.
The announcement states that expanding GHO’s availability beyond the Ethereum mainnet should enhance accessibility, lower transaction costs, improve user experience, and boost liquidity.
This, in turn, is expected to foster wider adoption and innovation.
Additionally, GHO will be rolled out “gradually”. Other networks will also “gradually” follow Arbitrum.
With the expansion to Arbitrum, stablecoins “become lendable assets in the Aave Arbitrum pool, making GHO more cost-effective and available, with expected further use cases.”
Each chain will have its own GHO version, backed by reserves on Ethereum to provide sufficient collateral.
With support for more chains, transfers between non-Ethereum chains will use their supported burn and mint models.
To facilitate this launch, Arbitrum DAO has allocated 750,000 ARB through a long-term incentive pilot program.