S&P launches cryptocurrency indexes, debuting with Bitcoin and Ether

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S&P Dow Jones Indices, a serious international useful resource for index-based knowledge and analysis, has launched its first cryptocurrency indices amid a renewed surge on crypto markets.

The corporate announced Monday that it launched three crypto indices tied to the efficiency of the 2 largest cryptocurrencies: Bitcoin (BTC) and Ether (ETH).

The newly launched indices embody 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 trace the efficiency of BTC and ETH weighted by market cap. All three indices are instantly obtainable on the S&P DJI website.

S&P DJI crypto indices as of Might 4. Supply: S&P

The corporate burdened that the brand new crypto indices are designed to measure the efficiency of crypto belongings listed on acknowledged, open exchanges that meet minimal liquidity and market capicalitazion necessities. “The indices purpose to convey transparency to the rising cryptocurrency market,” S&P DJI famous.

In accordance with the announcement, S&P crypto pricing and reference knowledge is offered by crypto accounting and knowledge firm Lukka. The agency is backed by S&P DJI’s parent company S&P Global in addition to billionaire investor George Soros and accounting advisor CPA.com.

S&P DJI initially introduced its plan to launch cryptocurrency indices in late 2021, reportedly focusing on coverage of up to 550 digital assets.

S&P DJI’s newest transfer into the crypto market marks an vital milestone for cryptocurrency adoption by conventional finance. The transfer comes amid a renewed rally on crypto markets, with Ether — the second-largest crypto by market cap — hitting a brand new all-time excessive above $3,400 on Monday.