Bitcoin’s price action was quite surprising, considering more groundbreaking bullish news of institutional investors expanding their exposure and taking the leap into crypto.

It started first when MicroStrategies, led by Michael Saylor, reported that they were seeking to raise $550 million in debt instruments, convertible bonds, to buy more Bitcoin to add to their huge pile of BTC reserves (Benzinga).

This was followed by the groundbreaking news that Massachusetts Mutual Life Insurance Co. bought $100 million of bitcoin for its general investment account (WSJ). While most of the companies who have chosen to hedge their cash reserves into Bitcoin are innovative tech firms, this was a very different scenario. MassMutual, which started in 1851, serves 5 million clients. This classical business is looking to adapt to modern times by hedging against inflation by having exposure to the rise of digital currencies.

All institutions feel the same. None want to be first, but none want to be last. With MassMutual breaking the seal into Bitcoin, one can only imagine what other companies will take the digital asset dive.

One would expect the market to skyrocket on such news, but instead, we got a sell-off, leaving many to wonder why.

Bitcoin, like all of us, can’t escape our past. A bearish scare hit the Bitcoin market this week when news broke that 140,000 BTC will be distributed on December 15th to creditors from the Mt. Gox hack in 2014. Mt. Gox, which stands for Magic the Gathering Online Exchange, and was originally an online market-place for the classic mythical card game that quickly became the #1 destination for buying & trading Bitcoin. Poor security practices led to a hack for a whopping 860,000 Bitcoin (CoinTelegraph).

At the time the hack took place, Bitcoin’s price crashed from $1,000 to $300. Due to the price difference then versus now, of Bitcoin hovering between $17,000 & $20,000, this leads many to think that the overdue-recipients will sell their newly-credited Bitcoin applying immense sell pressure.

In addition, it was reported that Bitcoin miners are also applying sell-pressure from mined Bitcoin on the market, achieving a 3 year high on Bitcoin outflows from miners (CoinTelegraph).

While these two pieces of news may create some short-term bearish movement, one thing remains certain – institutions are on standby, ready to buy up the Bitcoin as it floods the market. And before you know it, we will be back to the future of finance, ushering in the digital revolution.

Top Market Movers

  • Compound (COMP) +14%
  • Monero (XMR) +1%
  • Golem (GNT) +1%
  • Filecoin (FIL) +0.5%

Flare Spark Airdrop

Good news: Voyager is supporting The Flare Spark Token Airdrop!

Are you looking to participate? Here are some things you should know:

  • Flare Network’s Snapshot is scheduled for December 11, 2020, at 7:00 PM EST
  • The amount of Spark (FLR) tokens you receive depends on the amount of XRP tokens reflected in your account on the date and time the snapshot takes place
  • Users will receive Spark (FLR) tokens 1:1 to their XRP holdings
  • In preparation, XRP trading on Voyager will be disabled on December 11th at 5 PM EST and will be reenabled no later than December 14th at 9:00 AM EST.

Please keep in mind: The current date of distribution of Spark Tokens (FLR) is scheduled to occur between March and May of 2021. Once there is more clarity and Voyager receives the issuance of Spark Tokens, we will then move forward with the distribution to our community.

Voyager intends to support trading for Flare Tokens, assuming it meets our requirements. We are happy to support this airdrop and continue to pass on the benefits of crypto to our community.

Voyager's Newest Additions

We’ve added two brand new coins to Voyager this month – Algorand (ALGO) and Avalanche (AVAX), bringing Voyager to a total of 55 digital assets now live on the app! Voyager is also the first official listing of the AVAX Token in the U.S.

Algorand is a permissionless, pure proof-of-stake blockchain protocol that, without forking, provides the necessary security, scalability, and decentralization needed for today’s economy. ALGO is the native cryptocurrency of Alogrand’s blockchain network. It drives the borderless economy and a system of incentives.

Avalanche is an open-source platform for launching decentralized finance applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. AVAX is the capped supply native token of the Avalanche platform. Users can become full block-producers and validators by staking AVAX and are incentivized to do so for staking rewards.

Start trading Algorand and Avalanche now on the Voyager app!

Download Voyager

Read This...

Bloomberg > "JPMorgan Says Gold Will Suffer for Years Because of Bitcoin"

Cointelegraph > "DeFi and Eth2 are whole new convos for regulators, says SEC's Hester Peirce"

Cointelegraph > "France moves to ban anonymous crypto accounts to prevent money laundering"

Cointelegraph > "Euro stablecoin launched on Stellar by one of Europe’s oldest banks"

Financial Times > "Will bitcoin end the dollar’s reign?"