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Nasdaq Adds Bitcoin and Litecoin Indices to Its Products

February 14, 2019 at 11:45 by Matt Jackson

In a move that investors hope will increase the popularity of cryptocurrency with institutional investors, Nasdaq has said that it will launch two indices that track cryptocurrency prices. The Bitcoin Liquid Index and Ethereum Liquid Index will be available from February 25 and will update with live prices every 30 seconds.

Nasdaq is the world’s second-largest stock exchange, and has taken an increasingly hands-on approach to cryptocurrency. At the end of last year they announced that they would launch Bitcoin futures in the first half of 2019. Futures contracts allow bears to enter the market, and effectively short the price of a currency. More importantly, however, futures are seen as being a sign of market maturity. This means that institutional investors, who tend to account for very large volumes of trading, are more likely to be attracted to Bitcoin, Ethereum, and other cryptos.

Bitcoin futures contracts already exist. They were introduced to CBOE and CME in December 2017 and similar products are due for release on the Bakkt platform, which was established by the New York Stock Exchange to handle cryptocurrency contracts.

Nasdaq CEO, Adena Friedman, said in a LinkedIn post in January this year, that Bitcoin “is a tremendous demonstration of genius and creativity, and it deserves to find a sustainable future in our economy.” She went on to say that Nasdaq was doing its part to bring cryptocurrency into the mainstream and that they “believe digital currencies will have a role in the future.”

Following weeks of sideways movement, Bitcoin (BTC) prices rose from approximately $3,300 to $3,600 last weekend. Since then, however, prices have stalled and have dipped slightly down to $3,560.79 at 11:20 GMT. Other major cryptocurrency prices stand at $119.93 for Ethereum (ETH) while Litecoin (LTC) is trading at $40.65.

Ripple (XRP), which has been criticised by Coinmotion exchange because “it is not cryptocurrency”, is currently trading at $0.30. The exchange went on to explain that “it is not based on blockchain, it is not mined and it is heavily centralized.” The exchange made the claims just hours after listing Ripple (XRP) on its exchange.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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