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Ontario Teachers’ Pension Plan Shifts Focus Away From Crypto Investments

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Today’s Cryptocurrency Headline

The Ontario Teachers’ Pension Plan (OTPP) of Canada has announced that it has ceased involvement in the cryptocurrency space following the complete write-down of its $95 million investment in FTX last year. The OTPP is currently focusing on new opportunities in the real estate sector and hopes to expand its exposure to private credit. Previously, in November of last year, the fund announced that it would write down its $95 million investment in FTX to zero by the end of the year. It is reported that the OTPP invested a total of $75 million in FTX and FTX US in October 2021 and made a subsequent investment of $20 million in FTX US in January 2022. This investment accounted for less than 0.05% of the pension plan’s total net assets.

 

BingX’s Bitcoin Chart

Source: TradingView & BingX

Over the last 24 hours, Bitcoin has dropped by 3.03%, hitting an intraday low of $27,125.00. The downward trend of the leading cryptocurrency has continued into Friday, with prices dropping for the third consecutive session, indicating that market sentiment is turning bearish. Technical indicators, including the descending 20-day Exponential Moving Average (EMA) and the Relative Strength Index (RSI) in the negative zone, suggest that sellers may have the upper hand.  If BTC/USDT drops below $27,000, it may slip to $26,500.

 

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