Adoption of Bitcoin by Large Corporation Hits All-Time High as MassMutual Joins the Train

Adoption of Bitcoin by Large Corporation Hits All-Time High as MassMutual Joins the Train

The Massachusetts Mutual Life Insurance Company, a US-based mutual firm with over five million clients, has become the latest large corporation to allot a significant sum to Bitcoin (BTC). A recent Wall Street Journal report shows that the insurance firm has just purchased $100 million worth of BTC for its general investment account.

Massachusetts Mutual contacted the New York-based fund manager NYDIG to aid in the acquisition of the Bitcoins. Additionally, the insurance firm purchased a $5 million minority equity stake in NYDIG.

The WSJ report noted that the purchase was part of MassMutual’s strategy to diversify its portfolio and that it would give the company meaningful exposure to the ever-growing digital world.

The founder and Executive Chairman of NYDIG, Ross Stevens, noted that other insurance companies have also shown interest in acquiring Bitcoin, and some have already done so with the help of his company.

It is worth mentioning that interest in Bitcoin by corporate investors is at an all-time high in 2020, with companies like MicroStrategy and Square purchasing hundreds of millions of dollars in BTC. Most notably, the benchmark cryptocurrency has almost doubled its valuation since October.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — December 10

Bitcoin remains in a battle to regain stability above $19,000. Over the past 24 hours, the cryptocurrency has shed about $670, recording a daily low of $17,910. However, BTC has climbed back to the mid-$18,000 area as bulls and bears struggle for near-term dominance.

On our hourly chart, we can see that BTC has been steadily edging lower since its $19,940 YTD high, signifying heavy bear activities. However, over the past 24 hours, we can see on our chart that bulls are regaining strength.

Meanwhile, our key resistance levels are at $18,500, $18,800, and $19,000. While our key support levels are at $18,000, $17,635, and $17,300.

Total market capital: $543 billion

Bitcoin market capital: $340 billion

Bitcoin dominance: 62.6%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.