Bloomberg announced today that they are teaming up with Galaxy Digital Capital Management, founded by Michael Novogratz, to create the Bloomberg Galaxy Crypto Index.
The index is the world's first institutional-grade benchmark for cryptocurrency markets, designed to track the most liquid portion of the crypto market.
The index is market capitalization-weighted, measuring the performance of ten major cryptocurrencies including Bitcoin, Ethereum, Ripple, Zcash, Monero and others - ranking factors include mediums of exchange, smart contract protocols, privacy assets and stores of value.
This is an important piece of the architecture that institutional accounts need to treat crypto as a new asset class.
Galaxy Digital Capital Management is an asset management firm focused on crypto assets.
The launch of the index is another step towards institutional adoption of the crypto markets.
Bloomberg has stated that "The BGCI offers the first institutional benchmark for the cryptocurrency market."
"The launch of the Bloomberg Galaxy Crypto Index reflects our clients' growing interest in cryptocurrencies The index brings our rigorous approach to index construction to cryptos and will provide investors with a transparent benchmark to gauge the performance of the broader market".
After coming out of retirement to start a $500 million dollar crypto hedge fund, Novogratz quickly decided to shelve the project to launch Galaxy Digital Capital Management LP instead. Novogratz has stated he believes the index will bring "Unprecedented transparency" to the market.
The easiest way to stay current with the most important blockchain news and crypto insights.
Mike Novogratz and Bloomberg Team Up to Create the First Institutional-Grade Benchmark for Crypto Market
Veröffentlicht auf May 9, 2018
by Cryptoslate | Veröffentlicht auf Coinage
Coinage
Neueste Nachrichten
Alle ansehen
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.