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CRYPTOCURRENCY

Insurance giant, MassMutual buys $100 million worth of Bitcoin

Massachusetts Mutual Life Insurance Co. bought about $100 million in Bitcoin for its investment purposes.

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A household name in the world’s insurance business, Massachusetts Mutual Life Insurance Co., has of late gone into the crypto-verse.

  • Just recently, it bought about $100 million in Bitcoin for investment purposes.
  • Also, in a report credited to WSJ, the insurance giant acquired a $5 million minority equity stake in NYDIG, a subsidiary of Stone Ridge, that offers crypto services to institutional investors.
  • NYDIG presently has about $2.3 billion in crypto assets under management, which would also help in facilitating custody services for MassMutual’s Bitcoins.
  • The investment in Bitcoin will represent 0.04% of the general investment account of nearly $235 billion as of September 30, MassMutual said.

“We see this initial investment as a first step, and like any investment, may explore future opportunities,”Spokeswoman, Chelsea Haraty, said in an email.

What this means

Although, the recent crypto investments made by the insurance giant is regarded as little when compared to its total investment holdings, such a move adds MassMutual to the list of elite financial firms buying bitcoins.

What you should know

  • MassMutual has been in the business of insuring as far back as the 18th century. It is also known as the Massachusetts Mutual Life Insurance Company.
  • MassMutual founded in 1851, serves over 5 million customers.
  • With its headquarters in Massachusetts, the company provides financial products such as life insurance, long term care insurance, disability income insurance, retirement/401(k) plan services, and annuities.
  • Bitcoin peaked in late November at $19,835, hitting its 2017 high, and currently trades slightly below $18k with a return of more than 150% YTD.
  • At the time of writing this report, Bitcoin was trading at around $17,980 with a daily trading volume of $28 Billion. It has been down 2.32% in the last 24 hours. It now has a market capitalization of $334 Billion, with a circulating supply of 18,567,806 BTC coins and a maximum supply of 21,000,000 BTC coins.
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CRYPTOCURRENCY

Cardano running on hot steam, bounces above $1 mark

Cardano at the time of writing this report was trading at $1.047324, up 20.35% on the day.

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Cardano, the sixth most valuable crypto is enjoying impressive gains amid record-buying pressure from crypto investors.

At the time of writing this report, Cardano was trading at $1.047324, up 20.35% on the day. It was the digital currency’s biggest one-day percentage gain since February 20, 2021.

Such appreciation sighted in the fast-rising crypto asset, pushed Cardano’s market value to $32.38 billion, or 2.10% of the total cryptocurrency market value. At its highest, Cardano’s market cap was pegged at $35 million.

Cardano had traded in a range of $0.899630 to $1.047324 for the day.

Over the past seven days, Cardano has seen a rise in value, as it gained 21.56%. The volume of Cardano traded for the day at the time of writing, was $10.583078 billion or 4.48% of the total volume of all cryptocurrencies.

It has traded in a range of $0.8115 to $1.1971 in the past 7 days.

Highly revered crypto analyst/trader, Michaël van de Poppe also recommended the fast-rising crypto asset.

In a video (titled “Cardano Breaks $1 But $10 Is Possible In This Bull Cycle! Here’s Why!”) released recently the crypto pundit told his followers on Youtube channel that:

“Cardano going towards $10 is not that weird to calculate from here, especially given the fact, and I’ve been saying this in the past week multiple times, especially given the fact that Cardano and mostly all the Bitcoin pairs are just barely waking up. So there’s still much more to gain for the Bitcoin pairs.”

  • Cardano (ADA) lately has been tipped to outperform, on the bias that it is headed towards its smart contract launch last month, leading to a significant amount of applications built on Cardano in 2021.
  • This means that more developers will see it as an attractive medium for building their desired apps.
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CRYPTOCURRENCY

Panic in crypto market as over $140 billion got wiped off

Over $140 billion in value evaporated into thin air, as Bitcoin also lost as much as $7,000, according to data retrieved from Coin360.

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The crypto market recently lost much of its weekend’s stellar gains, as significant selling pressure pushed the value of crypto assets lower across the market spectrum, amid record sell-offs and sudden panic among retail and institutional traders.

At press time, over $140 billion in value evaporated into thin air, taking into consideration the world’s most popular crypto, Bitcoin, the dominant player in the crypto market, lost as much as $7,000, according to data retrieved from Coin360.

The global crypto market value is $1.57 trillion, an 8.98% decrease over the last day.

The total crypto market volume over the last 24 hours is $232.12 billion, which makes a 63.54% increase.

  • The total volume in DeFi is currently $21.16 billion, 9.12% of the total crypto market daily volume.
  • The volume of all stable coins is now $185.65 billion, which is 79.98% of the total crypto market 24-hour volume.
  • Bitcoin’s price is currently $52,260.20.
  • Bitcoin’s dominance is currently 61.56%, a decrease of 0.03% over the day.
  • For the day, 426,586 trades were liquidated.
  • The largest single liquidation order happened on Huobi-BTC valued at $20.66 million.

Other leading crypto assets that include Ethereum, Litcoin, Chainlink, Binance coin and Stellar lost more than 8% in value.

Despite the expected market correction ongoing in the crypto community, some crypto traders remain upbeat that cryptocurrencies are fast emerging as a hedge for risks such as faster fiat inflation, and set to win more attention from the corporate world.

However, crypto pundits anonymously interviewed by Nairametrics are saying that a market correction was long overdue after the sudden bullish move. The bearish trend prevailing at the bitcoin market is largely attributed to a significant amount of profit-taking in play, on the account that Bitcoin’s realized profits are at record highs.

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CRYPTOCURRENCY

Unknown whale moves 14,834 Bitcoins worth $853 million

Such strong demand on the world’s flagship crypto asset by large entities is keeping it within striking distance of $60,000.

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The odds in favor of Bitcoin breaking above $100,000 are fast gaining ground, taking to account that rich investors in recent weeks have increased their pace in moving Bitcoin.

These are triggered by the rush which include crypto traders and investors trying to have a stake in this fast-rising crypto asset.

Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that someone moved 14,834 BTC $853 million in block 671,619

Such strong demand on the world’s flagship crypto asset by large entities is keeping it within striking distance of $60,000. At the time of writing this report, Bitcoin traded at $57,048.20 with a daily trading volume of $52,720,140,286. Bitcoin is up 0.97% for the day.

As large entities accumulate BTCs, bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.

  • The flagship crypto has gotten more endorsements in recent weeks from blue-chip companies like Mastercard and America’s oldest bank, BNY Mellon, which showed support for Bitcoin. Mastercard had earlier disclosed that it would open up its network to some cryptocurrencies including Bitcoin.
  • PayPal and the world’s largest asset fund manager, BlackRock, have also made big moves to support crypto.
  • This also means that over time, it’s possible that as the world’s most popular crypto asset approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.

Based on prevailing market conditions, Bitcoin now has a market value of $1.063 trillion.

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