S&P launches blockchain indices, with Bitcoin and Ether becoming the first.

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S&P Dow Jones Indices has launched three cryptocurrency indices to increase transparency in the emerging cryptocurrency sector.

S&P Dow Jones Indices, a major global resource for index-based data and analysis, has launched the first cryptocurrency indices in the midst of a revived boom in cryptocurrency markets.

The company announced Monday that it launched three crypto indices tied to the performance of the two largest cryptocurrencies: Bitcoin (BTC) and Ether (ETH).

The newly introduced indices include Bitcoin-based S&P Bitcoin Index (SPBTC), Ether-based S&P Ethereum Index (SPETH), and S&P Cryptocurrency MegaCap Index (SPCMC), which is designed to track the performance of BTC and ETH weighted by market cap. All three indices are immediately available on the S&P DJI website.

S&P DJI crypto indices as of May 4. Source: S&P

The new crypto indices, according to the group, are intended to calculate the success of crypto assets listed on recognised, open markets that satisfy minimum liquidity and market capitalisation criteria. S&P DJI said, “The indices aim to bring transparency to the emerging cryptocurrency market.”

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According to the announcement, blockchain accounting and data firm Lukka provides S&P crypto pricing and reference data. S&P DJI’s parent group, S&P Global, as well as billionaire businessman George Soros and accounting adviser CPA.com, have all invested in the company.

S&P DJI first disclosed plans to launch blockchain indexes in late 2021, with coverage of up to 550 digital properties.

S&P DJI’s recent entry into the crypto industry is a significant step forwards in the embrace of cryptocurrencies through conventional finance. The move coincides with a revived surge in crypto markets, with Ether — the second-largest cryptocurrency by market value — reaching a new all-time high of $3,400 on Monday.

 

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