Crypto Indexes are Coming to Wall Street Trading Floors
Cryptocurrencies such as bitcoin and ethereum are gaining more ground on the traditional trading floors.
S&P Dow Jones Indices announced it would launch new cryptocurrency indexes, bringing digital coins to the trading floors of Wall Street.
The new indexes are the S&P Bitcoin Index, S&P Ethereum Index and S&P Crypto Mega Cap Index. The list will be expanded with additional coins later this year, the division of financial data supplier S&P Global reports.
The plan for a crypto index dates from last December. Then S&P Dow Jones said its indexes want to include more than 550 of the most traded coins. According to S&P Dow Jones Indices’ chief strategy officer, Peter Roffman, traditional financial markets and digital assets are no longer “mutually exclusive markets”.
Bitcoin, the most popular digital currency, has gained significant value in recent months. This was partly due to strong support from companies such as Tesla and Bank of NY Mellon. The digital currency ether recently broke through the $ 3,000 mark for the first time.
The second-largest cryptocurrency after bitcoin is currently worth about three times more than at the beginning of the year.