Crypto Trading: Bloomberg Is Launching Its Own Cryptocurrency Index

Investopedia – Amid increasing interest in the cryptocurrency markets, Bloomberg, the global leader among market data providers and index services, has launched the Bloomberg Galaxy Crypto Index (BGCI), which is “designed to track the performance of the largest, most liquid portion of the cryptocurrency market.” – Bloomberg to Launch Cryptocurrency Index By Shobhit Seth

Bloomberg – The creation of the index marks an important step in the evolution of the digital assets space, facilitating diversified exposure as well as independent benchmarking for investors, the companies said. The BGCI utilizes a rules-based methodology and data from sources that have passed both Bloomberg and Galaxy Digital Capital Management’s due diligence processes. – Bloomberg and Galaxy Digital Capital Management Launch Cryptocurrency Benchmark Index

Reuters – Cryptocurrencies, of which bitcoin is the most valuable, are pieces of computer code that are not backed by any central bank or hard asset. Prices of cryptocurrencies rallied last year, spurring interest from some mainstream financial firms and prominent investors. Novogratz, a former hedge fund manager at Fortress Investment Group and Goldman Sachs Group (GS.N) partner, has been one of the most outspoken advocates of cryptocurrencies on Wall Street. – Novogratz teams up with Bloomberg on crypto index

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