CryptoWire, a crypto super app, announced on Monday the launch of India’s first cryptocurrency index, IC15, with the aim of building knowledge about the blockchain ecosystem. The index tracks and measures the performance of the top 15 liquid cryptocurrencies widely traded and listed on the world’s major crypto exchanges, CryptoWire said in a statement.
An index that captures more than 80% of market movements is therefore a fundamental tool for monitoring and evaluating the market to base decisions and improve transparency, he said. Over the past few years, cryptocurrencies have become an asset class on their own, gaining wider acceptance and arousing people’s interest.
The Cryptocurrency and Official Digital Currency Regulation Bill, 2021, was included in the Lok Sabha Bulletin-Part II for introduction during the recently concluded winter session, but could not be presented to Parliament by the government. CryptoWire’s Index Governance Committee, made up of subject matter experts, industry practitioners and academics, will maintain, monitor and administer the index while rebalancing it on a quarterly basis, he said. , adding that the base value of the index is set at 10,000 and the base date is April. 1, 2018.
Bitcoin, Ethereum, XRP, Bitcoin Cash, Cardano, Litecoin, Binance Coin, Chainlink, Polkadot, Uniswap, Dogecoin, Solana, Terra, Avalanche and Shia Inu will be the constituents of IC15.
At the launch of IC15, CryptoWire Managing Director Jigish Sonagara said, âThis will not only push the ‘learn before you win’ initiative, but also serve the industry with another powerful intervention. Our approach is to facilitate the development of the market and mitigate the risks to a large extent by presenting all the possible tools to assess the possibilities and make decisions. âOverall feelings of the market, he said.
It is worth noting that the government, RBI and SEBI have warned people against cryptocurrencies which could be a “high risk” area.
First publication: STI