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While the Cryptocurrency ecosystem expands in all directions, the need to include a kind of streamlining process also becomes a necessity. Taking a step forward, Bitmain announced the launch of a cryptocurrency index this Friday.
The index, developed by the Beijing cryptocurrency mining company, will serve as a useful benchmarking tool for cryptocurrency investors. An important tool that has been seriously lacking in the cryptocurrency market. Jay Clayton, president of the Securities and Exchange Commission, said just this week that a negotiated cryptanalute exchange fund (ETF), which has faced many rejection from the SEC, can be approved after some key updates in the cryptocurrency market.
One of these is the lack of price data available to investors. Since a solid price figure is an important part of building an ETF, the Bitmain index could not only help the ETF but also its possible approval by the regulator.
Cryptocurrency index
Here are some salient features of the new index:
- The Index will be denominated in US dollars.
- Spot price in real time: the company confirms that the index will be updated every second.
- Reference price – A price that will be published once a day at 10:00 am Hong Kong time (02:00 London time).
- Spot Pricing: spot prices of 17 best cryptocurrencies will be listed based on market capitalization.
- BLC 10 – Bitmain will soon be launching another index, the Bitmain Crypto Large Cap index 10. As the name suggests, a basket of the ten largest cryptocurrencies will be followed by market capitalization, with prices updated every second.
The Bitmain explanatory document stated:
"L & # 39; Index [has been] developed to provide transparent, timely, methodological and investable institutional and retail investors with the most active cryptocurrencies traded globally. "
Not being the first index dedicated to cryptocurrency, the Bitmain index follows the benchmark of cryptocurrency performance by the Department of Financial Information of Magnate. This particular index measures the condition of the main cryptocurrency markets. Composed of the four major cryptocurrencies, Bitcoin, Ethereum, Ripple (XRP) and BitcoinCash by market capitalization, it keeps track of their price changes. The initial value of the benchmark on 30 September 2017 was 5,000 points.
Read more: Crypto Market is shaking as the US stock market recovers, is there any correlation?
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