CryptoWire, a super crypto app, on Monday announced the launch of India’s first cryptocurrency index, IC15 with the aim of enabling knowledge in the blockchain ecosystem. CryptoWire said in a statement that the index tracks and measures the performance of the top 15 most widely traded liquid cryptocurrencies listed on the world’s leading crypto exchanges.
He said that the index, which accounts for more than 80 percent of the market movement, is, therefore, an essential market tracking and evaluation tool for basing decisions on and enhancing transparency. Over the past years, cryptocurrencies have emerged as an asset class in their own right, gaining wider acceptance and capturing people’s interests. The Cryptocurrency Act and Regulation of the Official Digital Currency Act, 2021, were included in the Lok Sabha Bulletin – Part Two for submission at the recently concluded winter session but could not be submitted to Parliament by the government.
The CryptoWire Index Governance Committee, which is made up of domain experts, industry practitioners and academics, will maintain, monitor and manage the index while the index is rebalanced every three months, she said, adding that the index’s base value is set at 10,000 and the base date is April 1, 2018. Bitcoin, Ethereum and XRP Bitcoin Cash, Cardano, Litecoin, Binance Coin, Chainlink, Polkadot, Uniswap, Dogecoin, Solana, Terra, Avalanche and Shia Inu will be the components of IC15.
This will not only drive the ‘learning before earning’ initiative but also serve the industry with another robust intervention. Our approach is to facilitate market development and greatly mitigate risks by offering all the Possible tools for evaluating probabilities and making decisions.”
Designed to provide insights into cryptocurrency mining, the real benchmark and mirror of the underlying crypto market, the index is an industry barometer in a sense, with a diverse representation of overall market sentiment. It should be noted that the government, RBI, and SEBI have been warning people about cryptocurrencies, which can be a “high-risk” area.
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