Mike Novogratz and Bloomberg Launch New Cryptocurrency Index
Billionaire Mike Novogratz and Bloomberg LP on Wednesday announced the launch of the Bloomberg Galaxy Crypto Index (BGCI), which will display the movements of a basket of the largest digital assets by market capitalization..
“Today’s launch of the Bloomberg Galaxy Crypto Index is a reflection of our clients’ growing interest in cryptocurrencies,” said Alan Campbell, Product Manager for Bloomberg Indices. “This index will embody our meticulous approach to developing indices in the cryptocurrency space and provide investors with a transparent benchmark that they can turn to to monitor market behavior.”.
Former Fortress Investment Group hedge fund manager Mike Novogratz recently raised $ 250 million to create a “trading cryptocurrency bank” .
In his opinion, the creation of this index will endow the market with “unprecedented transparency”.
“The Bloomberg Galaxy Crypto Index brings unprecedented transparency to the cryptocurrency market. We are delighted to help drive the decentralized revolution by creating BGCI, ”he said..
Since launch, BGCI will track 10 cryptocurrencies that form its basket in the following proportion: Bitcoin (30%), Ethereum (30%), XRP (14.14%), Bitcoin Cash (10.65%), EOS (6, 11%), Litecoin (3.77%), Dash (1.67%), Monero (1.66%), Ethereum Classic (1%) and Zcash (1%).
Coinbase and Grayscale, as well as the lesser-known firm Bitwise Asset Management, introduced their own cryptocurrency indices..
Blockstream, a cryptocurrency startup, signed an agreement in January with the New York Stock Exchange owner, Intercontinental Exchange, to provide institutional investors with a cryptocurrency data feed.
At the end of April, Fundstrat Global Advisors introduced five cryptocurrency indices at once, each of which tracks a separate market segment.
Earlier, Fundstrat analyst Tom Lee developed his own “reverse index”, which he called the “bitcoin poverty index”.
Mike Novogratz: Bitcoin will hit all-time highs within 18 months Mike Novogratz, CEO of cryptocurrency trading bank Galaxy Digital, expects…
Mike Novogratz: Bitcoin needs to hit the $ 6,800 mark and head to new highs next year Galaxy Digital CEO Mike Novogratz shared…
Coinbase Launches Coinbase Bundle and Opens Education Portal American Cryptocurrency Exchange Coinbase Continues To Expand Its…