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Nasdaq: Bitcoin Liquid Index [BLX] and Ethereum Liquid Index [ELX] to be added

Namrata Shukla

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Nasdaq: Bitcoin Liquid Index [BLX] and Ethereum Liquid Index [ELX] to be added
Source: Pixabay

The cryptocurrency market is being accepted by many every day and few financial institutions are also impressed by it and as per Bitcoin enthusiast, Mike Novogratz, there could be institutional money flowing in the cryptocurrency market by next year. While there are talks with the financial institutions, Nasdaq has offered to add two additional indexes tied to the cryptocurrency market, as per an alert on the equity exchange operator’s website.

Created by Brave New Coin, Bitcoin Liquid Index [BLX] and the Ethereum Liquid Index [ELX], aim to “provide a real-time spot or reference rate for the price of 1 BTC and 1 ETH respectively, quoted in USD, and based on the most liquid ends of their markets,” informed the alert. As per The Block Crypto’s report, the indexes will capture data from different exchanges to provide a single price point for bitcoin [BTC] and Ethereum [ETH], to enable the traders to get in an out of a position. They will be made available to clients of Nasdaq’s GIDS data feed which also has 40,000 of Nasdaq indexes like Nasdaq 100 and Nasdaq Composite. The cryptocurrency tied indexes will go live at the end of the month.



The alert added:

“Both indices are calculated using a methodology that has been independently audited against key IOSCO principles. The BLX is one of the most widely-referenced BTC indices among crypto traders and has been calculated back to 2010. Likewise, the ELX has been calculated back to 2014.”

Apart from operating for equity, options and futures market, Nasdaq is also known for providing trading and market surveillance technology to seven cryptocurrency exchanges at least. Nasdaq has previously partnered with Symbiont, a crypto firm in order to offer white label solution to supports other exchanges to launch markets built on blockchain technology, reported the publication. Nasdaq also has been working towards its own bitcoin futures, whose launch date for the new market is still uncertain.





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Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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