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Here are the top 5 crypto news for the day!

Let's dive into the news headlines one by one and see how they'll be affecting the crypto space as we know it, in the coming days.

 

Huobi Asset Management Launches Bitcoin, Ether Funds

 

Huobi Asset Management has launched Bitcoin and Ether funds for institutional investors. 

 Huobi Tech Finance Chief Zhang Li, during a zoom interview with the Bloomberg stated:

 

“Virtual assets have become established as a strong category in alternative investment, and more players will compete in this arena. For professional investors who still have concerns about things like security and tax filing, they will opt to buy our funds rather than holding coins themselves.”

 

Cuba Makes Cryptocurrency an Official Part of the Communist Party Agenda

 

As revealed in the recent announcement, the government of Cuba is officially making crypto, a part of its economic policy. With the aims to recover the economy of the country in the times of global economic sanctions that were initiated by the United States, the attendees proposed several changes during the eighth congress of the Communist Party of Cuba.

 

Apart from this, the list of the approved proposals will be functioning as a sort of general guideline that provides the government bodies with intentions to fulfill over the next five years.

 

Bitcoin Could Plummet 50%, Pulling Back to $20,000: Guggenheim CIO

 

Scott Minerd, the CIO at Guggenheim Partners has predicted that Bitcoin could fall as low as 50% and settle towards $20,000. 

 

Claiming that Bitcoin is “very frothy,” Minerd is forecasting a 50% decline in the price of the cryptocurrency:

 

“I think we could pull back to $20,000 to $30,000 on bitcoin, which would be a 50% decline, but the interesting thing about bitcoin is we’ve seen these kinds of declines before.”

 

However, there's a catch to this caveat- and that is- Minerd is quite popular for his incorrect price predictions on the flagship cryptocurrency. Earlier when Bitcoin entered a consolidation phase in February, Minerd said that the institutional demand was not strong enough to drive the price further.

 

Digital Asset Custodian BitGo Adds $600M Crypto Insurance Cover

 

The digital asset custodian BitGo has recently revealed its total coverage of over $600 million in crypto insurance coverage for large amounts of digital assets on Wednesday.

 

Peter Najarian, the Chief Revenue Officer of BitGo released a statement that read:

“We’ve been able to offer to our clients the ability to purchase bespoke insurance directly from a group of insurers that sit on top of our insurance at very favorable rates.”

 

In addition to this, the custodian has shaken hands with Woodruff-Sawyer & Co. and Paragon International Insurance Brokers of London.

 

Eminem Set to Launch His First NFT on Nifty Gateway

 

Eminem, the American rapper, songwriter, and record producer is set to release his first-ever NFT on Nifty Gateway on April 25. 

 

The announcement comes just a few weeks after the American Television show Saturday Night Live (SNL) did a skit using an Eminem-style parody to explain Non-fungible Tokens.

 

The funny video involved SNL regular and comedians Pete Davidson and Chris Redd rapping alternative lyrics over Eminem’s 2002 hit “Without Me.” Davidson is seen in the video donning a Batman & Robin-style costume as he parodies the track to explain the trend.

 

In the skit, U.S. Treasury Secretary Janet Yellen is asked by a student what an NFT is, which Eminem later even acknowledged on Twitter.

 

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