18 Jan Watch Out CoinMarketCap, Wall Street Made Their Own Crypto Index
Today, the Wall Street Journal reported that the Intercontinental Exchange or (ICE) has partnered with the blockchain tech company Blockstream. They are set to bring “disciplined” Bitcoin price information to Wall Street investors wanting to get in the crypto space.
ICE is the parent firm of the New York Stock Exchange (NYSE) and it states that it will pull the data from 15 of the major cryptocurrency exchanges and deliver its stats to big financial names. There are many major hedge funds and trading firms that will benefit from this new index. It allows them to easily take up-to-date metrics and make large-scale decisions.
This move by ICE shows in spades the adoption of Bitcoin to the mainstream world and more specifically, traditional investors. This settlement deal with Blockstream shows that the once hesitant market on cryptocurrencies is now being taken seriously by Wall Street. This first showed, when two exchanges rolled out Bitcoin futures’ contracts in mid-December.
This tool is set to be launched in March but will look somewhat similar to the index Giant most used by most cryptocurrency investors, CoinMarketCap. However, the tool will be catered more towards Wall Street so many anticipate that it will be much more detailed.
CoinMarketCap was put on the hot seat recently as it abruptly removed major South Korean exchanges from its index without any warning. It caused major buy sell off as many coins took a nosedive.
The Wall Street Journal also reports that this new product will remove the industries reliance on the current resources that have the “homegrown feel.” It has the major potential to take over as the top index, giving CoinMarketCap a run for its money. When this index rolls out, it will be interesting to see what it does to the price of many cryptocurrencies, my estimation is that there will be a significant spike.
This is a huge week for Blockstream, as it also just announced that it just launched a lightning network-enabled payment store.
Featured Image: bitcoin.com