IC15, India's first global cryptocurrency index, will now be traded on Bitbns crypto exchange.
IC15 comprises 15 most valued cryptocurrencies namely — Bitcoin, Ethereum, Binance Coin, XRP, Cardano, Solana, Terra, Avalanche, Polkadot, Dogecoin, Shiba Inu, Litecoin, Bitcoin Cash, Uniswap, Chainlink, and Bitcoin Cash.
CryptoWire, a super app for cryptocurrencies, has entered into an agreement with Bitbns exchange, for trading IC15. The crypto index was launched by CryptoWire earlier in January this year. IC15 is a broad market index by market capitalisation, which tracks and measures the performance of top 15 widely traded liquid cryptocurrencies listed on leading crypto exchanges of the world.
IC15, which tracks more than 80% of crypto assets by market capitalisation, will begin trading on Bitbns exchange from April 1.
“As the cryptocurrency market develops and widens, participants would find the index offering of much greater institutional use through an ETF and alternate wealth management product,” says Joseph Massey, MD and CEO, CryptoWire.
Just like trading on a stock market index, like BSE Sensex, allows investors to take a view on the entire market versus concentrated risk on a single stock, trading in cryptocurrency indices would allow investors to monitor broad-based movement in the crypto industry. The index, says Dahake, founder and CEO, Bitbns exchange, will also show the market price implications of various news and policy decisions taken globally.
This arrangement, as per Massey, will broaden the product offerings through exchange traded funds (ETFs) and other wealth management products, derivatives and basket trading in cryptocurrencies for arbitrage benefits.
Some cryptocurrency platforms already offer bank savings account-like products and fixed deposits in cryptos where investors can earn guaranteed returns. More sophisticated products, where a bunch of projects come together to create a reward pool with zero market risk, are available as well. These products offer yields of up to 250%.
Bitbns exchange has over 40 lakh users and 350 coin-pairs traded on the exchange.
Meanwhile, Bitcoin, the oldest and the largest cryptocurrency rose by 15% to breach $44,000 on Tuesday, leading gains among cryptocurrencies amid expectations that polarisation of the world, between Russia supporters and Ukraine supporters, will hurt global economic growth delaying aggressive Fed rate hikes. However, gains were capped on concerns over Russia’s nuclear deterrence warning.
The global manufacturing hub China supports Russia, while the U.S., European Union, the U.K. and their allies backed Ukraine in its fight against Russia. Investors now expect the U.S. Federal Reserve to go slow in its rate hikes over the years.
On Tuesday, almost all major altcoins were trading higher. Terra’s Luna rose 20% to become the seventh most valued token, followed by a 15% rise in Avalanche. Cryptocurrency market capitalisation hit the $1.9 trillion mark after gaining almost 12% in the 24-hour period.