Posted on

CoinMarketCap Indices Listed on Bloomberg, Nasdaq

CoinMarketCap, a cryptocurrency price index and one of the most popular crypto websites by traffic volume, has announced the launch of two cryptocurrency indices on Bloomberg Terminal, Nasdaq Global Index Data Service, as well as Thomson Reuters Eikon and Börse Stuttgart. The indices will be calculated by German index provider Solactive, according to the details of the press release published on CoinMarketCap’s official blog Mar. 20.

Per the announcement, CoinMarketCap’s new benchmark indices will offer users the ability to reference coins with and without the influence of Bitcoin,

“most comprehensive ones on the market, covering the Top 200 cryptocurrencies by market capitalization, one including Bitcoin, and one without.”

The first indices titled CMC Crypto 200 Index (CMC200), which includes Bitcoin, will cover more than 90 percent fo the global cryptocurrency market. The alternative index–sans Bitcoin–CMC Crypto 200 ex BTC index (CMC200EX) will allow investors the option of viewing the market in the absence of Bitcoin, which currently holds close to 50 percent of total market share.

According to CoinMarketCap CEO Brandon Chez, the website’s launch onto popular terminals such as Bloomberg and Nasdaq will increase user accessibility to cryptocurrency data and increase penetration into the traditional financial markets,

“We are excited to launch and share these indices with the market. These indices will promote greater accessibility to cryptocurrency data in an easier-to-digest format.

In partnership with Solactive, our chosen index administrator, we hope these professionally-calculated indices will serve to expand the reach of cryptocurrencies into the larger financial markets.”

The press release also includes information on the history of CoinMarkCap, explaining to users that the company was the first to create and quantify the terms “market capitalization,” “circulating supply” and “Bitcoin dominance” in reference to the crypto markets.

Solactive AG, the independent Germin index provider which will calculate CMC’s new indices, is also the provider for CBOE Bitcoin Futures index and over 3,000 custom-made indices. The press release also reports that the company is “fully compliant with the IOSCO Principles for FInancial Benchmarks.”

Fabian Colin, Head of Sales at Solactive further explained his company’s position in CMC’s indices launch,

“We are very proud to be chosen as CMC’s index provider of choice in this exciting journey. The ability to access CoinMarketCap data gives us the opportunity to develop custom indices for new clients. Conversations have already started.

We are looking forward to developing more crypto indices in the future, which will optimistically result in investable indices and might lead to further products.”

While CoinMarketCap has evolved into the most popular portal for investors to view cryptocurrency prices, the website has experienced a bit of controversy over the years. In Jan. 2018, the website made the sudden decision to remove Korean markets included in their price listing, causing many top coins to appear to drop double digits percentage points seemingly overnight. The result was a mass panic of crypto selloff, leading to further depressed prices and contributing to the shift in crypto’s bullish rally at the start of 2018 to what has become more than a year of “crypto winter” for coin prices.

Just this week, Binance CEO Changpeng Zhao called into question the data presented by popular crypto price-trackers such as CoinMarketCap in response to a report alleging most cryptocurrency exchanges are publishing false trading volume.

The post CoinMarketCap Indices Listed on Bloomberg, Nasdaq appeared first on Ethereum World News.

Posted on

Bitcoin (BTC) Under $6k, Total Crypto Market Cap under $200 Billion. What Next?

It has come to the conclusion of many crypto-traders that sometimes technical analysis does not work when dealing with the crypto markets. All the technical stuff gets thrown out the window because the market sometimes operates on news and FUD. It is with the latter situation that we are still suffering from the gut wrenching blow that was the delay of the Bitcoin (BTC) ETF.

Before the announcement was made, the total crypto market capitalization stood at $255 Billion. We are now at $191 Billion at the moment of writing this: a drop of 25% in a week. BTC was also at $7,100 before the SEC announcement. It has since touched $5,990 a few minutes ago: a drop of 15.6%. Ethereum (ETH) has been hit the hardest by falling from $410 to a new low of $259 in just the same time frame: a drop of 37%.

With all the turmoil, one is left to wonder what is next?

Technical analysis aside and tackling the situation head on, a market recovery is hinged on three possible events.

Firstly, the SEC rules in favor of a Bitcoin (BTC) ETF on the 30th of September. This will reignite faith in the crypto-markets as well as setting us up for another bull run into the holiday season that starts in November. However, the SEC might take the current volatility of the crypto-markets to further extend on making a ruling on the ETF. Remember the SEC is tasked with protecting the welfare of investors in America. They might get skeptical about a volatile crypto market.

Secondly, the crypto traders might just find it within themselves to immediately continue trading without the idea of the SEC at the back of their minds. The inventor of Bitcoin, Satoshi Nakamoto, never intended for the fate of Bitcoin to lie in the hands of the financial institutions it was created to avoid. Therefore, we, the people, have a majority say as to what the future of the crypto markets will be. We can decide to let Wallstreet determine that for us with ETFs and companies like Bakkt, or we can go on with business as usual like we did before all the hype of Institutional investors.

Thirdly, and the option many might not want to hear, is that we let the current market decline to phase out in a natural manner and with time. One can compare the current turmoil to a storm in the high seas. Only the strongest of sailors have been there before and know how to battle the waves with a smile on their faces as the rest of the crew hide below deck or abandon ship completely. It takes a more or less brave sailor to tackle storms with a smile. But that is indeed what many of us need to do heading forward. We love this crypto-verse too much to let it wither under our feet. Five years down the line, we will be laughing at how back in 2018, we almost gave up on our Bitcoin and Alt-coin positions.

[Photo, sinking of the Black Pearl from the Pirates of the Caribbean. Source,]

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.