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Nasdaq Launches Bitcoin And Ethereum Indices That Could Twist SEC’s Mood

Recently, the Securities and Exchange Commission (SEC) had trouble accepting the idea of a Bitcoin exchange trading fund due to a fear of possible price manipulation.

However, now, the cryptoverse might finally have a solution to this problem as Nasdaq which is an American exchange fund, may finally have cracked the code to this dilemma. On  Monday, the US based ETF announced that it was launching 2 new cryptocurrency indices that aim to present real-time reference rates for both the Ethereum and Bitcoin technologies.

Nasdaq’s indexes which are being called the Ethereum Liquid Index (ELX) and the Bitcoin Liquid Index provide users single price points by using information regarding price data from different exchanges. The exchange fund further assured users that external auditors and experts were sought out to verify the price data and the process of it’s extraction.

On their official website, they stated that, “The BLX is one of the most widely-referenced BTC indices among crypto traders and has been calculated back to 2010.”

They also added that their ELX price data goes back all the way to 2014 and that price information will be updated every thirty seconds by Brave New Coin, which is a block chain research firm based in New Zealand. This could really be the turning point for crypto ETF’s and might potentially change the SEC’s ruling against them. Nasdaq’s work includes leading blockchain start up Symbiont which has an estimated value of $20 million.

According to some crypto gurus like Ari Paul who is the founder of crypto fund BlockTower Capital, if nasdaq successfully launches these indices, it could mean that the crypto based derivatives might just get approved by regulatory bodies like the SEC. This would ultimately lead to an increase in potential investors as well.

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Komal Zaheer

Writer. Procrastinator. Bra Burning Feminazi. Likes to make people laugh. Student of Journalism.

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