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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.
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.”
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.