The Bloomberg Terminal platform, which allows professional traders to track and analyze financial market data in real time, has launched price tracking for six new cryptocurrencies.
These are coins from Orchid, OMG Network, EOS, Chainlink, Tezos and Stellar Lumens. The data itself will be provided by the cryptocurrency index platform CF Benchmarks, a subsidiary of the Kraken cryptocurrency exchange, which is regulated by the UK Financial Conduct Authority.
As a reminder, this is not the first time that cryptocurrencies have appeared on popular platforms. For example, in October 2020, representatives of the PayPal payment platform spoke about the connection with coins. The developers have added support for Bitcoin, Ethereum, Litecoin and BCash. Thus, they allowed their clients to purchase cryptocurrencies and earn on the growth of their rates.
The news has become one of the highlights of the past year as PayPal has a huge user base. This means that the emergence of cryptocurrencies on the platform has become another important step towards their mass popularization.
And although support for cryptocurrencies has had a positive effect on customer behavior, the company itself has no plans to spend its own funds on Bitcoin yet. As the CEO of the company Dan Shulman noted, the PayPal management is not yet ready to put up with the volatility of the cryptocurrency, that is, sharp changes in its value.
How the popularity of cryptocurrencies is growing
The decision to add altcoins to the platform was commented on by CF Benchmarks CEO Sui Chung. Here is a quote from an expert in which he shares his attitude to what is happening. The cue is from Decrypt.
Thanks to robust CF Benchmarks Indexes, Bloomberg now supports six new digital assets. This not only shows that institutional interest is starting to expand beyond Bitcoin, but it also highlights how the digital asset class is viewed alongside traditional asset classes.
In this case, «institutional interest» means large companies that are professionally engaged in investing money. Examples of institutions, i.e. large investors, in the cryptocurrency niche are MicroStrategy and Tesla. The latter spent $ 1.5 billion on the purchase of bitcoins.
Chung noted that the move also shows how diversified the cryptocurrency industry is becoming. At the same time, other digital assets – in addition to Bitcoin, Ethereum and other «big chips» – are gaining recognition not only from retail investors, but also from organizations. Here is a replica.
The world of investing has changed beyond recognition in the seven years since Bloomberg first added BTC price data to its terminals.
CF Benchmarks data is already used by many institutional platforms. CF is the agent for calculating the Nasdaq cryptocurrency index and Canada’s second Bitcoin ETF called Evolve. That is, the interest of «investment sharks» in the world of cryptocurrencies is not going to slow down. It is likely that in the coming years, Bitcoin will make up only a part of the investment portfolios of the digital assets of large organizations, and their focus will also shift to altcoins.
And in such a scenario, there is nothing surprising. Especially considering that new blockchain projects offer significantly more opportunities for users. Of course, the authority of many of them is still far from the level of Bitcoin, but every day their role is growing.
To illustrate the situation, we can give an example of UNI – the native token of the Uniswap decentralized exchange, with which we have already got acquainted. The cryptocurrency was launched in September 2020, and in the first hours of trading, its rate was at the level of $ 2-3. Now the value of the coin has exceeded the level of $ 33, which allowed UNI to get into the top ten of the cryptocurrency rating by capitalization.
That is, the cryptocurrency of a promising project has taken the place of older projects that do not belong to the niche of decentralized finance and, in fact, are not in trend.
We believe that the addition of new cryptocurrencies to the professional trader platform from Bloomberg will have a good impact on the industry. The initiative will make it clear to newcomers to the world of blockchain assets that the whole niche is not limited to one Bitcoin, which means that their funds can be directed in another direction. Well, this will motivate developers to create new projects that will continue to change the world and improve the reputation of the industry.