S & P Dow Jones Indices to start tracking Bitcoin value

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S & P Dow Jones Indices to start tracking Bitcoin value

The financial company S & P Dow Jones Indices (a division of S & P Global Inc) will begin to track cryptocurrency indicators from 2021. It will be the last large company to start tracking the value of cryptocurrencies, Reuters reports.

“As digital assets, such as cryptocurrencies, become a rapidly developing asset class, the time has come for independent, reliable and user-friendly indicators,” said Peter Roffman, head of innovation and strategy at S & P Dow Jones Indices.
S & P DJI will use data from New York-based Lukka, which handles virtual currencies. This company analyzes data on more than 5 5 0 popular cryptocurrencies.

A joint statement by S & P and Lukka says that S & P customers will be able to work with individual indexes and other tools to compare cryptocurrency data.

S & P and Lukka hope that reliable data on the value of cryptocurrencies will facilitate investors’ access to a new class of assets and reduce some risks of a volatile and speculative market.

As of 17:08 in Kiev on December 3, the cost of Bitcoin was $19 332 (+ 2.10%).
Since the beginning of the week, the price of Bitcoin has increased by $1 900 and on Tuesday exceeded the mark of $11 000. The demand for cryptocurrency is caused by the search for investors in the “quiet harbor” amid the weakening American dollar and the removal of some restrictions on virtual currencies in the United States, Forbes writes.

The cost of Bitcoin over the past three months has fluctuated at $9100, the publication recalls. The price began to rise after last week the Federal Agency for Bank Control (Office of comptroller of the currency) allowed American banks to provide depository services for storing cryptocurrency of private customers.

This step opens up the opportunity for large investment funds to increase investments in cryptocurrencies.

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