Polkadot announced KSM parachain auction / Arrington Capital launched $100M ALGO fund / Fresh Funding

Plus: Global investment funds reportedly hold ~$43.2B in BTC.

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The global crypto market cap is $1.76T 1.97%▲ with a 24-hour market volume of $91.53B 14.92%▼. Bitcoin's dominance is currently 43.95% 0.41%▲. CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $41,182.86 2.88% ▲ 2 Ethereum ETH $2,600.33 1.37% ▲ 3 Binance Coin BNB $373.40 1.42% ▲ 4 Cardano ADA $1.59 1.70% ▲ 5 Dogecoin DOGE $0.3263 0.01% ▲ *Prices as of 2:30 p.m. ET.

Polkadot announced that it would begin its first parachain slot auction on the Kusama network. Polkadot creator and Ethereum co-founder Gavin Wood suggested that the auction could start as early as today. More: Kusama is Polkadot’s experimental network that mirrors the parachain system within the Polkadot ecosystem. Polkadot is designed to bridge multiple blockchains together and allow interoperability. Parachains allow blockchains to connect to the Polkadot network and integrate with other parallel blockchains for seamless data communications.

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Arrington Capital launched a $100M Fund for the Algorand Ecosystem. The Arrington Algo Growth Fund (AAGF) will invest  equity and tokens into projects being built on the Algorand blockchain. More: AAGF joined a long list of Algorand-specific funds, totaling $500M in investments for the ecosystem.  With the announcement of AAGF, Arrington now has over $1B in assets under management. The ALGO fund is Arrington’s second crypto-focused fund, following the Arington XRP Capital fund, which reported $236.7M in assets in Q1 2021.

▲ TOP GAINERS # Name Price 24h % 1 Shiba Inu SHIB $0.000009131 30.78% ▲ 2 Amp AMP $0.09281 24.92% ▲ 3 ICON ICX $1.14 18.12% ▲ 4 Klaytn KLAY $1.27 17.29% ▲ 5 Chiliz CHZ $0.3248 16.41%▲ ▼  TOP LOSERS  # Name Price 24h % 1 UNUS SED LEO LEO $2.41 13.10%▼ 2 Internet Computer ICP $62.06 11.01%▼ 3 Theta Fuel TFUEL $0.4913 7.13%▼ 4 Kusama KSM $403.88 5.45%▼ 5 Fantom FTM $0.294 1.86%▼ *Limited to cryptocurrencies in the Top 100. Prices as of 2:30 p.m. ET.

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🍋Fresh Funding🍋 Bitwise, Asset Management: $70M⮕ The funding round was co-led by Electric Capital and Elad Gil, with participation from Third Point, Henry Kravis, Stan Druckenmiller, and Robert Leshner. More: Bitwise is a crypto-asset manager with over $1B in assets under management. The latest fresh funding provides additional capital to expand its offerings to Wall Street and beyond. Following the funding round, Bitwise has reached a total valuation of $570M. dYdX, DEX: $65M⮕ The Series C funding round was led by Paradigm, with participation from Andreessen Horowitz, Polychain Capital, Three Arrows Capital, CMS Holdings, StarkWare, HashKey, Wintermute, and others. More: dYdX is an Ethereum Layer 2 DEX with perpetual swap and cross-margin functionalities. The DEX plans to use its fresh funding to decentralize its protocol, expand its offerings, and launch a mobile app.  dYdX held a Series B round back in January, where it raised $10M. Umee, DeFi/Multichain: $6.3M⮕ The seed round was participated in by ConsenSys, Polychain, Coinbase, Tendermint, CMS, Ideo Colab, Alameda Research, and others. More: Umee is aimed to be a universal bridge between Ethereum and other blockchain ecosystems. CEO Brent Xu previously led strategy at Tendermint, where he helped build out Cosmos (ATOM) and the Inter-Blockchain Communication (IBC) protocol. Umee plans to use the IBC protocol to expand on DeFi opportunities between ATOM and ETH while introducing additional protocols.

QUICK HITS 83% of consumers will share their data in return for more personalized experiences. Download this guide to learn more. * New York-based More announced a partnership and NFT drop with Tiger King's Joe Exotic. Global investment funds reportedly hold around $43.2B in BTC or BTC investment vehicles. DHVC joined Google, Samsung, Sony, Binance, and others as the ninth external Enterprise Validator and Governance Council member of Theta Labs. Coinbase Pro announced the addition of Shiba Inu (SHIB), Keep Network (KEEP), and Chiliz (CHZ). 81% of fund managers surveyed by Bank of America stated that they believe BTC is in a bubble. Rep. Maxine Waters announced a working group focused on cryptocurrencies during a hearing before the House Financial Service Committee’s fintech task force. MicroStrategy’s recently filed prospectus suggested a $1B stock sale to purchase more BTC. Sotheby’s announced the auction of an NFT of the original World Wide Web source code. Looking to diversify your portfolio? Get $100 for every $5,000 invested into private real estate loans through June 30, 2021 with GROUNDFLOOR. * *This is sponsored content.

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Griffin McShane is a J.D. candidate currently living in Portland, Maine. He is a graduate of Providence College, where he studied both computer science and business. Griffin aspires one day to go to the moon and bring some of his altcoins along for the ride. Editor Sheena Vasani is a professional tech writer, creator, and UC Berkeley, Dev Bootcamp, and Thinkful alumna who writes Inside Dev and Inside NoCode. She recently launched Affordable Mental Help, a directory listing free and low-cost mental health resources. You can contact her at sheenavasani1[at]gmail.com.

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