Information on Bitcoin and Ethereum indices will soon be available on Nasdaq’s global data services, according to an announcement by the stock exchange operator. The indices are to be added by the end of the month in conjunction with New Zealand blockchain data and research firm Brave New Coin.
Specifically, the Bitcoin and Ethereum liquid indices are to be made available on the platform effective from 25 February 2019. According to the announcement,
“The Bitcoin Liquid Index (BLX) and the Ethereum Liquid Index (ELX) are each designed to provide a real-time spot or reference rate for the price of 1 BTC and 1 ETH respectively, quoted in USD, and based on the most liquid ends of their markets.
Both indices are calculated using a methodology that has been independently audited against key IOSCO principles. The BLX is one of the most widely-referenced BTC indices among crypto traders and has been calculated back to 2010. Likewise, the ELX has been calculated back to 2014,” it added.
This is a step in the right direction especially at this time when the cryptocurrency industry is looking for a means to slide out of the lingering market crash. This is one of the indicators that there is hope for the industry. Another one is the recent delve into the cryptocurrency market by institutional investors.
It was announced recently that two pension funds, invested in a Morgan Creek Digital crypto fund. This has been a long, unfulfilled dream of the industry and we are beginning to see the positive changes occurring even without the approval of an ETF or anything of the sort. An insurance company, a university endowment, and a private foundation are other institutional investors that have invested in the crypto fund, according to Morgan Creek Digital founder.
If institutional investors really have an impact on the growth of the cryptocurrency industry, we may be getting into the era we have all been looking forward to. The fear of volatility and market manipulation has kept many of these institutions away but now they are venturing into the industry which is an indication that things may be stabilizing and the industry is taking shape.
The cryptocurrency community will be looking forward to seeing the positive effects of these developments as more institutions enter the industry. What effect will this have on the price of Bitcoin and other cryptocurrencies in the short and long run?
