Bright Future ahead as Bloomberg Launches Cryptocurrency Benchmark Index

Harsh Bhutani

Contributor
Staff member
A Bright Future ahead as Bloomberg Launches Cryptocurrency Benchmark Index

A leading digital asset management firm founded by Michael Novogratz named Galaxy Digital Capital Management LP together with Bloomberg launched the Bloomberg Galaxy Crypto Index (BGCI). The aim of the index is to track the performance of most liquid and largest portion of the cryptocurrency market. The BGCI measures the performance of ten USD-traded cryptocurrencies including Ethereum, Ripple, Bitcoin, and Zcash and is market capitalization-weighted.

Moreover,
Bitcoin seems to have achieved a level of relevance with some institutional players, After months of denouncement and scrutiny from prominent figures in finance, such as Warren Buffet and Jamie Dimon. During last week, The New York Times published a report that the Intercontinental Exchange (ICE), the parent company of New York Stock Exchange planning a Bitcoin exchange of its own.
 

CryptoTC

Crypto Fat Cat
It definitely feels anecdotally like mainstream interest is increasing, but then you read reports that web traffic and google searches for crypto are down 85-90%. Hopefully that picks back up.

In the meantime, the news about mainstream and institutional investors coming on board should have at least some upward price pressure. In particular, the NYSE news should be well-received by the markets, but nothing moved much at all.

With the Coinbase news today, it seems the big guys are poised to enter this market.

Announcing the Coinbase Suite of Institutional Products

Baby steps...
 
Last edited:
Top