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S&P Launches Bitcoin, Ethereum, and ‘Crypto Mega Cap’ Indices – Markets and Prices Bitcoin News

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S&P Launches Bitcoin, Ethereum, and ‘Crypto Mega Cap’ Indices – Markets and Prices Bitcoin News


S&P Global, the parent company of S&P Dow Jones Indices, has launched three cryptocurrency indices. One tracks the performance of bitcoin, another tracks the performance of ethereum, and the third measures the performance of both bitcoin and ether.

3 Crypto Indices Launched by S&P Global

S&P Global, the parent company of S&P Dow Jones Indices LLC, launched “The S&P Digital Market Indices” on Monday.

The index series include the S&P Bitcoin Index, the S&P Ethereum Index, and the S&P Crypto Mega Cap Index. The ticker symbols for the three are SPBTC, SPETH, and SPCMC, respectively. The latter “measures the performance of bitcoin and ethereum,” the company detailed.

Three crypto indices launched by S&P Global. Source: S&P Global

The company explained that “The indices aim to bring transparency to the emerging cryptocurrency market,” elaborating:

These indices are designed to measure the performance of a selection of digital assets (crypto assets) listed on recognized, open exchanges that meet minimum liquidity and market capitalization criteria.

The indices use Lukka Inc., a crypto data provider, as the data source for digital asset pricing and reference data, via the Lukka Prime and Lukka reference data products.

S&P Global says cryptocurrencies have become mainstream and appear to be here to stay, as more companies are offering crypto services and adoption is growing worldwide. Meanwhile, an S&P analyst believes that bitcoin’s rise is reminiscent of the U.S. gold rush.

What do you think about S&P launching crypto indices? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Japanese Assembly Members Seek to Make Tokyo a ‘Cryptocurrency Trading Center’ – Economics Bitcoin News

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Japanese Assembly Members Seek to Make Tokyo a ‘Cryptocurrency Trading Center’ – Economics Bitcoin News


Japan is steadily becoming an area of interest for the cryptocurrency industry, and a politician in the capital city is looking to strengthen the trend. A member of the Tokyo Metropolitan Assembly wants to transform the Japanese capital into a “trading center” for cryptos.

Blockchain as a ‘Growth Strategy’ to Create Industry Hub

Yuu Ito, the third term assembly member in question, commented about the possibility of bolstering the city’s financial sector by increasing its involvement with the digital asset business.

The statement comes after his recent support of economic plans unveiled by Yuriko Koike, governor of Tokyo. Ito also pointed out challenges Tokyo faces in order to compete with other major financial hubs, like London, Macau, and Hong Kong. He believes high rates in bitcoin (BTC) tax might have deterred investors and companies from being active in Japan, and that significant action is necessary to advance the industry domestically.

Nobuko Irie, a fellow Tokyo Metropolitan Assembly member, commented in a similar vein:

The country is printing deficit-financing bonds in the wake of the corona. Even in Tokyo, we must create new financial resources by setting technology that can generate wealth like blockchain as a growth strategy.

Guaranteeing a Healthy Taxation Environment for Bitcoin

She praised how bitcoin adoption has been skyrocketing globally, but raised concerns on how politicians are handling the matter. Here she urgently describes necessary action for Tokyo to become a cryptocurrency trading center:

Politicians should now tackle the issues of monetary policy and taxation around bitcoin. If you do it in the nation, you will lose the sense of speed, so create a special zone in Tokyo to use it tax-free in the city. I think it is the role of politicians to identify issues and clear them systematically while running.

Irie also highlighted the coronavirus as an opportunity to accelerate policy adaptations adoption while creating a healthy environment to develop a crypto trading hub in Tokyo:

When we have to turn the economy around, we need to create a mechanism that prevents money from staying. For that purpose, virtual currency and blockchain can be used. Based on the fact that I learned this time, I think it is necessary to accelerate.

What are your thoughts on the plans proposed by the Tokyo assembly members? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons





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Ether balances on centralized exchanges fall to lowest level since June 2019

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Ether balances on centralized exchanges fall to lowest level since June 2019


According to analysis from on-chain analytics provider Glassnode, the sum of Ethereum on exchanges has fallen to its lowest level for almost two years.

Glassnode estimates that just 13.3 million Ether is currently held on centralized exchanges, the lowest it has been since June 2019. As such, centralized platforms hold roughly $52.4 billion worth of ETH or 11.5% of Ethereum’s entire supply.

The number of Ether on centralized exchanges has fallen 30% in 9 months since peaking at 19 million ETH during September 2020.

A low balance of ETH on exchanges is typically understood to be bullish for the markets as it drives a reduction in supply relative to demand on popular trading platforms. Dwindling exchange balances suggest long-term investors are moving their assets into secure storage or locking their funds up to earn yields through decentralized finance protocols or staking.

In its Monday “Week on Chain” report, the data provider also noted that there has been some reduction in exposure to Bitcoin in favour of Ethereum.

Glassnode correlated the spending behavior of reasonably old Bitcoin unspent transaction outputs of between 6 months and 3 years, finding evidence that long-term investors could have been recently flipping into ETH:

“Whilst this is only an empirical observation (correlation <> causation), the distinct increase in these older BTC being spent back into circulation after a prolonged period of holding makes a compelling case.”

Bitcoin Spent Outputs vs ETH price: Glassnode

The report added that on-chain activity has increased significantly over the past four weeks for Ethereum amid Ether’s recent bullish price action. The total number of smart contract calls, Uniswap transactions, and daily transactions, have all seen notable upticks since the beginning of the year.

Daily transactions hit an all-time high of 1.63 million this week, representing a 22.5% increase over December 2017’s previous peak.

At the time of writing, Ethereum prices were trading at just below $3,900 — cooling from their recent all-time high of $4,220 on May 10.