The State of the Market: It’s been an uncharacteristically calm 24 hours for the cryptocurrency markets, even as Bitcoin (BTC) saw a brief rally of 1.4% to bring it over $7,500. Ethereum (ETH) has been largely flat on the day, decreasing by just 0.3% down to $465. The overall cryptocurrency market capitalization continues to settle in at just under $290 billion as Bitcoin dominance has seen a slight bump in the last few days to just over 45%.

1) According to recent figures, Bitcoin futures contract trading volume on the Chicago Mercantile Exchange (CME) increased by a staggering 93% from Q1 to Q2 in 2018. Likewise, the average contracts traded per day rose from 1,854 to 3,577, with each contract representing 5 bitcoins. The drastic increase in futures contract trading is a signal of increasing institutional investment. At the moment, Bitcoin futures contracts are the only fully-regulated Bitcoin investment product available on the stock exchange (read more).

2) Coinbase, the leading U.S-based crypto exchange, has become the first company in the industry to form a Political Action Committee (PAC) on their behalf, according to a recent filing with the United States Federal Election Commission (FEC). The PAC would allow Coinbase to raise funds in order to influence electoral processes and open a dialogue between policymakers and employees at Coinbase. The unprecedented move comes at a time of high regulatory uncertainty among U.S.-based firms in the crypto industry (read more).

3) Bloomberg recently reported that many major insurance providers, including AIG, Chubb, and XL Group, are reportedly selling insurance coverage to crypto companies, while Marsh & McLennan and Aon act as brokers and help clients find crypto insurance policies. Due to the high-risk nature of the crypto world, insurance premiums are at least five times the cost of typical business insurance. Regardless, it is highly sought after due to the rise in exchanges getting hacked and suffering monetary losses, with crypto companies typically seeking out crime and cyber coverage (read more).

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