Circle announced $4.5B SPAC deal / SEC delayed SkyBridge BTC ETF / Fresh Funding / CBECI data showed BTC energy dropped 60%

Plus: Bank of America launched a crypto market research team

Inside.com Part of   Network July 08, 2021

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The global crypto market cap is $1.47T 2.38%▲ with a 24-hour market volume of $75.91B 4.56%▲. Bitcoin's dominance is currently 44.17% 0.14%▼. CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $34,724.65 2.28% ▲ 2 Ethereum ETH $2,368.17 2.07% ▲ 3 Binance Coin BNB $338.10 6.13% ▲ 4 Cardano ADA $1.42 1.13% ▲ 5 XRP XRP $0.6693 1.19% ▲ *Prices as of 3:00 p.m. ET.

US Dollar Coin (USDC) creator Circle announced it's going public through a SPAC deal. The Form 8-K filing from Concord Acquisition Corp. valued Circle at $4.5B. More: Circle raised $440M in a funding round just last week. USDC is the second-largest stablecoin by supply dominance, accounting for almost 25% of all stablecoins in circulation. Circle CEO Jeremy Allaire stated that Circle would include USDC reserve attestations and detailed summaries of USDC reserves in its public filings with the SEC.

The SEC delayed its decision on SkyBridge Capital’s bitcoin ETF. An SEC notice stated that an additional 45 days is necessary to make their decision. More: SkyBridge filed for the First SkyBridge Bitcoin ETF Trust at the beginning of May. Despite several crypto ETFs approved in Canada and Brazil, the U.S. has yet to approve a crypto-related ETF. The SEC is additionally reviewing bitcoin ETF filings from Fidelity, WisdomTree, VanEck, Kryptoin, and ARK Invest.

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▲ TOP GAINERS # Name Price 24h % 1 Harmony ONE $0.09239 33.46% ▲ 2 Axie Infinity AXS $14.51 32.23% ▲ 3 Decentraland MANA $0.7538 24.48% ▲ 4 KuCoin Token KCS $13.82 23.77% ▲ 5 Enjin Coin ENJ $1.41 21.63%▲ ▼  TOP LOSERS  # Name Price 24h % 1 Synethix SNX $11.36 6.03%▼ 2 Compound COMP $463.88 4.52%▼ 3 XinFin Network XDC $0.09803 3.89%▼ 4 Telcoin TEL $0.02208 2.61%▼ 5 Celo CELO $3.12 1.65%▼ *Limited to cryptocurrencies in the Top 100. Prices as of 3:00 p.m. ET.

🍋Fresh Funding🍋 Coincover, Crypto Insurance: $9.2M ⮕  The Series A funding round was led by Element Ventures and participated in by DRW Venture Capital, CMT Digital, Avon Ventures, Valor Equity Partners, Volt Capital, and others. More: The 2018 startup provides insurance for crypto investors for loss of access from fraud, theft, user error, and business failure. Coincover’s Secure Key Storage creates an emergency backup of private keys that guarantees up to $1M in crypto protection. Current customers include companies like Curv, Fireblocks, and BitGo.

Cambridge Bitcoin Electricity Consumption Index (CBECI) released data showing BTC electricity consumption dropped 60% since May. Usage at the start of July was 62 terawatt-hours (TWh), down from May's all-time high of 143 TWh. More: The July electricity consumption is the lowest since Nov. 2020. Electricity consumption fell consistently with the fall in BTC’s price. The Bitcoin Mining Council estimated that 56% of mining power in Q2 came from a sustainable power mix.

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QUICK HITS Want to develop your team's STEM skills and understanding? Learn by doing, not lecturing, with interactive challenges and visualizations. * Sushi announced the launch of the Shoyu NFT marketplace in August. Bank of America launched a new research team dedicated to the crypto market. Nevada-based Gryphon Digital Mining purchased 7,200 BTC mining rigs (~$48M).  The Polish Financial Supervision Authority (UKNF) issued a warning of regulatory action to Binance due to lack of regulation and UKNF supervision. Meitu recorded $14.7M in gains from its Ethereum (ETH) purchase back in April. Senator Elizabeth Warren asked SEC Chairman Gary Gensler for information related to crypto exchange regulation. Shape Your Own CI/CD Virtual Event - Submit your questions to learn from an experienced panel of leaders led by Kelsey Hightower. Register now. * * Sponsored Content

Upcoming events hosted by Inside.com July 8, 2021 – Inside Cryptocurrency: Mastering NFTs (Register Here) July 19, 2021 – Angel University by LAUNCH (Register Here) July 29, 2021 – Inside NoCode: Building Without Developers (Register Here) August 26, 2021 – DAOs: Disrupting with Code (Register Here) October 26-27 2021 – Meet our Fund Fall ’21 Cohort (Register Here) To register for our events visit: events.inside.com.

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 Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford.

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