ETH keeps surging / Coinbase hits ATL as Crypto reaches ATH / Fresh Funding

Plus: Crypto.com partnered with Italy's Lega Serie A to release NFTs

Inside.com Part of   Network May 06, 2021

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The global crypto market cap is $2.34T 0.55%▼ with a 24-hour market volume of $275.66B 7.52%▲. Dogecoin's dominance is currently 3.18% 5.92%▼.  CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $55,828.52 2.55% ▼ 2 Ethereum ETH $3,463.65 1.08% ▲ 3 Binance Coin BNB $629.92 2.26% ▼ 4 Dogecoin DOGE $0.5769 7.01% ▼ 5 XRP XRP $1.60 2.59% ▲ *Prices as of 3:15 p.m. ET.

ETH just reached another ATH today of $3.55K after spiking nearly 8% in the past 24hrs. The total value of ETH has gained 30% in the past seven days and 370% since Jan 1. More:  Ethereum futures volume also reached a new record of $10B, briefly surpassing bitcoin’s futures volume. Analysts suggest that ETH’s positive sentiment and price movement is due to the long-anticipated upgrade to Eth2.0.  Investor Mark Cuban told Decrypt’s Ethereal Virtual Summit that ETH is becoming a “deflationary asset whose price ceiling is actually uncapped.”

Coinbase (COIN) dropped 6.5% to an all-time low despite the crypto market exploding to all-time highs. The departure of the crypto exchange’s stock price from the rallying crypto market was broadly consistent with the tech-heavy Nasdaq Composite Index. More: Coinbase currently has a total market capitalization of $48.7B, declining almost 50% from its $100B market cap last month.  The crypto market cap has gained almost 150% since the Coinbase IPO, reaching a high of nearly $2.5T. FBB Capital Partners told Bloomberg the Coinbase selloff was largely due to a “mini-bubble” in tech stocks that is currently bursting.

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▲ TOP GAINERS # Name Price 24h % 1 ETH Classic ETC $158.04 63.50% ▲ 2 EOS EOS $10.93 31.46% ▲ 3 Stellar XLM $0.6426 10.01% ▲ 4 Tezos XTZ $7.33 11.34% ▲ 5 Neo NEO $120.21 10.63%▲ ▼ TOP LOSERS # Name Price 24h % 1 Huobi Token HT $23.34 7.58%▼ 2 Dogecoin DOGE $0.5769 7.01%▼ 3 Maker MKR $5,057.77 6.44%▼ 4 PancakeSwap CAKE $36.62 6.14%▼ 5 Litecoin LTC $331.96 6.08%▼ *Limited to cryptocurrencies with a market cap >$4B. Prices as of 3:15 p.m. ET.

🍋 FRESH FUNDING 🍋 Burnt Finance, NFTs: $3M. The NFT minting and auction protocol based in the Solana ecosystem raised fresh funding from Multicoin Capital, Mechanism Capital, DeFiance Capital, Vessel Capital, HashKey, Spartan, and others. Coin Metrics, Analytics/Data: $15M. The Series B funding round was led by Goldman Sachs with participation from BlockFi, Acrew, Morningside Group, and Warburg Serres Investments. More: Fidelity Investments, Avon Ventures, White Castle Island Ventures, Highland Partners, and others also increased their stake in the BTC analytics startup. Coin Metrics was founded in 2017 as an open-source project researching the economic significance of public blockchains and providing historical BTC information, including liquidity and transaction costs, futures contracts, and open interest. With the fresh funding, Coin Metrics plans to “grow in Europe and Asia” as well as “create new products and expand current offerings.” KnitFinance, Multi-Chain DeFi: $1M. The Polkadot-based cross-chain asset wrapping protocol received fresh funding in a funding round led by Dao Maker, AU21 Capital, LD Capital, Momentum 6, and others. More: KintFinance’s funding comes just two weeks before its Strong Holder Offering (SHO) on Dao Maker. The startup’s Beta platform went live in December and currently supports wrapped assets on five blockchains. KnitFinance also announced its plans to release native KNIT tokens on Binance, Huobi Global, Kucoin, and other global exchanges. Moma Protocol, DeFi: $2.25M. The latest private funding round for the DeFi startup was led by Fundamental Labs and SevenX Ventures, with participation from AU21 Capital, Consensus Investment, Finlink Capital, Moonrock Capital, and others. Xpool, DeFi/Exchange: $1M. The SEA-based DeFi startup received strategic funding of $1M from the Singapore crypto exchange CoinHe.

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QUICK HITS Clearco provides up to $10M in equity-free capital for e-commerce and SaaS companies looking to grow their business while retaining ownership. Read more. * Crypto.com partnered with Italy’s Lega Serie A to release NFT collectibles ahead of the 74th Coppa Italia final between Atalanta and Juventus. Online marketplace Mercado Libre reported the addition of $7.8M BTC on its balance sheet in its latest SEC filing. During yesterday’s earnings call, PayPal (PYPL) CEO Dan Schulman said he believes crypto and CBDCs will be the driving force for “a more equitable financial system.” PayPal also reported an additional 14.5 million new active accounts following the expansion of its crypto services in Q1. Crypto investment firm Ten31 announced that it would fund Bitcoin developer and community grants to support nonprofits Open Sats and Bitcoin Q+A. Big project? Try an IONOS Cloud Server and start with $100 in credit. * * This is sponsored content.

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 Justin Anderson is an editor and writer who has worked with words for two decades. A graduate of Ryerson University’s Journalism program, he’s covered business, politics, entertainment, and almost everything in between. He lives in Toronto.

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