In my house, I see this metal wire wrapped around the cold water pipe (where city water comes into the house.) One end of the wire goes into the ground, and the other end is secures onto the pipe, as shown in the picture. Sorry the picture is sideways, I don't know how to fix it. The yellow paint is the floor.
(As you can see, I have wrapped this section of the water pipe with rubber insulation.)
What is this metal wire for? Grounding the pipes?
Does wrapping the pipe with insulation affect whatever this wire is used for?
Thanks in advance!