New Bitcoin and Ethereum Liquidity Indices Go Live on Nasdaq With Ripple Liquid Index for XRP in Final Stage of Development
Nasdaq is now sending real-time Bitcoin and Ethereum index level information on its Global Index Data ServiceSM (GIDS). Brave New Coin’s Bitcoin Liquid Index (BLX) and Ethereum Liquid Index (ELX) launched on Monday, a week after Nasdaq announced it would add the new indexes to its data suite of 4,000 indices.
Nasdaq, the leading benchmark for US technology equity trading and indexing, on-boarded the BLX and ELX to increase price transparency in the crypto markets.
The BLX is an aggregate of Bitcoin spot prices on six of the biggest exchanges: Bitfinex, Bitstamp, Coinbase, Kraken, Gemini and itBit.
Data for the ELX dates back to July 2015, around the time of the genesis of Ethereum.
Brave New Coin CEO Fran Strajnar says the audited crypto indices will provide pricing benchmark information for crypto traders as the market still shows significant prices disparities between exchanges and countries.
“BNC’s ‘Liquid Index’ (LX) indices are part qualitative and part quantitative, factoring in the stability and quality of constituency as well as the volume, book depth, tick size and other factors from the qualified market participants, to calculate a fair global value for the price of Bitcoin and Ethereum, expressed in USD, every 30 seconds.”
In addition to the Bitcoin and Ethereum Liquid Index, the team at BNC says it’s in the final stages of producing the RLX (Ripple Liquid Index) for XRP, which was listed on Monday on Coinbase Pro.
According to BNC,
“Currently Coinbase Pro isn’t part of the constituents of the global price of XRP but given enough trading volume on the exchange it could become part of the RLX.”
Inclusion in the LX indices, under Nasdaq, brings even more legitimacy to the crypto space and defines how crypto assets are maturing and being fully integrated into the financial marketplace as the “fourth class of super assets.”