The Nasdaq stock exchange will start offering real-time information on two new indices tied to the cryptocurrency market – bitcoin core and ethereum. Both indices will be included on the exchange’s existing platform of indexes starting Feb. 25.
Also read: Indonesia’s Futures Regulator Issues New Rules For Crypto Assets
BLX and ELX Indices Capture Data From Multiple Exchanges
The Bitcoin Liquid Index (BLX) and the Ethereum Liquid Index (ELX) will “provide a real-time spot or reference rate for the price of 1 BTC and 1 ETH respectively, quoted in USD, and based on the most liquid ends of their markets,” said Nasdaq in an online statement published Feb. 11.
According to the statement, both the “BLX and ELX work by capturing data from multiple exchanges to provide a single price point for BTC and ETH, which helps traders, get in and out of a given position.” Nasdaq claims the methodology has been verified by independent auditors.
“The BLX is one of the most widely-referenced BTC indices among crypto traders and has been calculated back to 2010. Likewise, the ELX has been calculated back to 2014,” said the exchange.
Driving Mainstream Crypto Adoption
The two indices were created by Brave New Coin. Nasdaq’s latest move is seen as key to introducing cryptocurrency to traditional stock market investors on Wall Street and elsewhere, thereby driving mainstream adoption. The stock exchange has swam against the tìde in being drawn to crypto assets, starting with publishing analytical reports on Bitcoin and partnering with Vaneck to launch BTC futures trading in a falling market last year.
The two new indices join several dozen of Nasdaq’s indices including the Nasdaq Composite, its main index, and the Nasdaq 100, through its Global Index Data
