Bitcoin (BTC) saw a surge toward the resistance area today as price was able to reach a high of around 19,500. However, it got dumped and is now currently trading around 19,100 due to evident presence of sellers around that area. Immediate support is around 19,000 - 18,700 (10 EMA trail). This level is significant as failure to hold could bring price back to support levels around 17,000, while a sustained break above 19,500 could give BTC another go for a new all-time high.

Global market cap is at $560B, while BTC's market cap is at $355B.

Insurance firm MassMutual buys $100 million worth of bitcoin through NYDIG
MassMutual has invested $100 million in bitcoin.

MassMutual, a Massachusetts-based insurance firm, announced on Dec. 11 that the company bought $100 million worth of Bitcoin (BTC) for its general investment account. According to the company, this initiative is part of its broad strategy to achieve "measured yet meaningful exposure to a growing economic aspect of our increasingly digital world." JPMorgan strategists reportedly suggested in an investor note on Dec. 11 that Bitcoin (BTC) adoption is now expanding from family offices and wealthy investors to bigger investors like insurance firms and pension funds. In addition, Bloomberg reported that even a small shift toward crypto from insurance and pension funds could be significant. The strategists calculated that if insurance firms and pension funds in the United States, Euro area, the United Kingdom and Japan would allocate 1% of their assets into BTC, the demand could grow by an additional $600 billion; almost twice BTC's current market capitalization which is currently around $356 billion.

Italian Banca Generali to debut crypto services next year
Major Italian private bank, Banca Generali, is planning to introduce cryptocurrency services in 2021.

Banca Generali, a major Italian private bank, is planning to introduce cryptocurrency services in 2021. The bank has entered a corporate and commercial partnership with Conio - a fintech company providing traditional financial institutions with solutions for managing digital assets. A spokesperson for Banca Generali said that the bank does not plan to launch a crypto exchange, but rather provide "service with Conio as wallet."

PayPal stock has surged 17% since enabling Bitcoin purchases
PayPal’s stock has vastly outperformed the Nasdaq and S&P 500 over the past month. The gains appear to coincide with the launch of its crypto trading services on Nov. 12.

Shares of PayPal Holdings (PYPL), the major payment platform, have gained 17% since November 12, the day that they launched their crypto trading platform for eligible US customers. PayPal plans to launch its global crypto services in early 2021. CEO Dan Shulman also asserted that it's only a matter of time before PayPal starts supporting central bank digital currencies (CBDCs) as they become available.

PayPal outperformed the wider market, as the technology-focused Nasdaq gained 6.5% since November 12, and the broader S&P 500 Index is only up 3.5% in the same period. PayPal's entry into crypto isn't the only catalyst behind their positive performance, but some analysts have speculated that higher BTC prices could have a positive effect on PayPal's prospects.

This Daily Dose was brought to you by SCI News Channel.

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