Material (M)
Casting some spells requires particular objects, specified in parentheses in the component entry. A character can use a component pouch or a spellcasting focus (found in “Equipment”) in place of the components specified for a spell. But if a cost is indicated for a component, a character must have that specific component before he or she can cast the spell.
The red is really important wording for a RAW interpretation. It is not if the component has a cost, but if the cost is indicated.
Since you can't surround yourself with your wand and your component pouch presumably does not have the required less than 24 hours old blood, I would still rule you can't get the circle of protection, but you can cast the spell.
The circle of protection is not just listed as a material component, it is actually specific to the use of it.