S&P Dow Jones Brings Bitcoin, Ethereum To Wall St With Cryptocurrency Indexes

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The brand new indexes, S&P Bitcoin Index, S&P Ethereum Index and S&P Crypto Mega Cap Index, will measure the efficiency of digital property tied to them.

Reuters

Might 04, 2021 / 07:33 PM IST

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The S&P Dow Jones Indices launched new cryptocurrency indexes, it stated on Tuesday, additional mainstreaming digital currencies together with bitcoin and ethereum by bringing them to the buying and selling flooring of Wall Avenue.

The brand new indexes, S&P Bitcoin Index, S&P Ethereum Index and S&P Crypto Mega Cap Index, will measure the efficiency of digital property tied to them.

The checklist will broaden to incorporate extra cash later this yr, the division of economic information supplier S&P International stated.

The corporate first introduced the plan in December when it stated it could cowl greater than 550 of top-traded cash and that its shoppers will have the ability to create custom-made indices and different benchmarking instruments on cryptocurrencies.

“Conventional monetary markets and digital property are not mutually unique markets,” stated Peter Roffman, international head of innovation and technique at S&P Dow Jones Indices.

The indexes will use information from New York-based digital forex firm Lukka.

Bitcoin, the preferred cryptocurrency, has seen a wild rally in costs after backing from high-profile corporations together with Tesla and Financial institution of NY Mellon. Its value, nevertheless, has come off its report highs.

Ethereum, in the meantime, touched a report excessive on Monday after rising above $3,000 for the primary time over the weekend.

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