S&P Dow Jones on Tuesday announced the launch of three new indices tracking the performance of the two digital currencies – the S&P Bitcoin Index, S&P Ethereum Index, as well as its S&P Cryptocurrency MegaCap Index.
Additional cryptocurrencies will be added in the future, S&P Dow Jones said in a statement. The listed crypto indexes will track data from New-York based virtual-currency company Lukka.
The S&P Global division first announced its plans in December. “The cryptocurrency space is unlike traditional financial markets, and certainly unlike the ones we have benchmarked at S&P DJI over the last 100 years,” Sharon Leibowitz, senior director of innovation and strategy, said in a statement.
Bitcoin rose 3% on Wednesday to around $55,300, while Ethereum’s ether token rose 3% to $3,360.
“Traditional financial markets and digital assets are no longer mutually exclusive markets,” Peter Roffman, global head of innovation and strategy at S&P DJI, said. “As cryptocurrency becomes more mainstream, investors now have access to reliable and transparent benchmarks backed by institutional quality pricing data.”
Read more here