S&P Dow Jones brings bitcoin, ethereum to Wall St with cryptocurrency indexes
(Reuters) - The S&P Dow Jones Indices launched new cryptocurrency indices Tuesday, which will further bring digital currencies like Bitcoin and Ethereum into trading by getting them onto Wall Street's trading floors.
The new indices S&P Bitcoin Index, S&P Ethereum Index and S&P Crypto Mega Cap Index will measure the performance of related digital assets.
The list will be expanded to include more coins later this year, the division of financial data provider S&P Global announced.
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The company first announced the plan in December when it announced that it would cover more than 550 of the best-traded coins and that its customers will be able to create bespoke indices and other benchmarking tools for cryptocurrencies.
"Traditional financial markets and digital assets are no longer mutually exclusive," said Peter Roffman, global director of innovation and strategy for S&P Dow Jones Indices.
The indexes use data from the New York-based virtual currency company Lukka.
Bitcoin, the most popular cryptocurrency, saw its price soar after it was endorsed by big-name companies like Tesla and the Bank of NY Mellon. However, the price has fallen from its record highs.
Ethereum hit a record high on Monday after rising above $ 3,000 for the first time over the weekend.
(Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber and Arun Koyyur)
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