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Markets

S&P Dow Jones opens cryptocurrency indexes

NEW YORK: The S&P Dow Jones Indices launched new cryptocurrency indexes, it said on Tuesday, further...
05 May 2021

NEW YORK: The S&P Dow Jones Indices launched new cryptocurrency indexes, it said on Tuesday, further mainstreaming digital currencies including bitcoin and ethereum by bringing them to the trading floors of Wall Street.

The new indexes, S&P Bitcoin Index, S&P Ethereum Index and S&P Crypto Mega Cap Index, will measure the performance of digital assets tied to them.

The list will expand to include additional coins later this year, the division of financial data provider S&P Global said.

The company first announced the plan in December when it said it would cover more than 550 of top-traded coins and that its clients will be able to create customized indices and other benchmarking tools on cryptocurrencies.

"Traditional financial markets and digital assets are no longer mutually exclusive markets," said Peter Roffman, global head of innovation and strategy at S&P Dow Jones Indices.

The indexes will use data from New York-based virtual currency company Lukka.

Bitcoin, the most popular cryptocurrency, has seen a wild rally in prices after backing from high-profile companies including Tesla and Bank of NY Mellon. Its price, however, has come off its record highs.

Ethereum, meanwhile, touched a record high on Monday after rising above $3,000 for the first time over the weekend.