One of the biggest things in the way of cryptocurrency adoption might have just been removed by one of the biggest stock markets in the world, Nasdaq.
The Bitcoin Liquid Index and the Ethereum Liquid Index are both indexes that extract price data from several exchanges to provide onlookers with a single price point for Bitcoin and Ethereum. Nasdaq has assured that independent auditors had verified their methodology of obtaining and unifying price data to present the best USD-equivalent value of cryptos.
According to the exchange, the Bitcoin Liquid Index “is one of the most widely-referenced BTC indices among crypto traders and has been calculated back to 2010.”
The exchange went on saying that simultaneously, the Ethereum Liquid Index price data goes back to 2014. The algorithm underneath the indices was created by the blockchain research company Brave New Coin which is based in New Zealand. Said indices refresh the price data on a regular basis, every thirty seconds to be specific.
The US stock exchange has said that their independent auditors have verified both liquid indexes against the critical principles which were proposed by IOSCO. For those that don’t know, the IOSCO (International Organisation of Securities Commissions) regulate the futures and securities markets around the world.
Looking at the bigger picture, the move could lead to solving regulators’ concerns to a new-age Bitcoin trading derivatives. A good example is the SEC had continuously rejected the applications of nine Bitcoin ETFs over the fears of manipulation.