Published: Sat, May 12, 2018
Markets | By Otis Pena

Bloomberg & Galaxy Digital Capital Management Introduce Bloomberg Galaxy Crypto Index

Bloomberg & Galaxy Digital Capital Management Introduce Bloomberg Galaxy Crypto Index

The coins now listed on the index are Bitcoin (BTC), Ethereum (ETH), Ripple, Bitcoin Cash, ESO, Litecoin, Dash, Monero, Ethereum Classic, and Zcash.

Crypto is getting its own price index, just like the DOW and NASDAQ.

In the midst of increasing interest and shift in the cryptocurrency markets, the leading data and index service provider, Bloomberg, has introduced Bloomberg Galaxy Crypto Index (BGCI), which is meant to trace the execution of the largest and most liquid section of the cryptocurrency market.

"Today's launch of the Bloomberg Galaxy Crypto Index reflects our clients' growing interest in cryptocurrencies", said Alan Campbell, Global Product Manager for Bloomberg Indices.

The announcement states that: the BGCI offers the first institutional grade benchmark for the cryptocurrency market.

Launched on Wednesday under the name Bloomberg Galaxy Crypto Index, it's made up of the 10 most liquid cryptocurrencies, subject to exchange and size thresholds.

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Once the index launches, it's one more step towards crypto markets being adopted by different financial institutions. It is market capitalization-weighted and measures the performance of leading ten USD-traded 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".

Billionaire Mike Novogratz is among the growing pool of influential investors who think cryptocurrencies are here to stay.

Prior to joining Fortress, he was a partner at Goldman Sachs where he spent lots of time working overseas including leadership roles in Asia and Latin America.

"I call it the people's revolution". Following the launch of BGCI, Novogratz appeared on CNN's "Markets Now" programme, where he argued that it was "almost essential for every investor to have at least 1% to 2% of their portfolio" in digital currencies. If you don't have a chip on the table you're not paying attention. Novogratz said, via Twitter: "So excited to announce our partnership with Bloomberg".

Additionally, cryptocurrency startup Blockstream partnered with Intercontinental Exchange (ICE) - the owner of the New York Stock Exchange (NYSE) - to create a cryptocurrency data feed built for institutional clients. Even Goldman Sachs and JP Morgan have started moving forward with their plans related to blockchain technology and Bitcoin futures.

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