Bitcoin has reached another milestone on its way to make it to the mainstream economy. This new milestone has come in the form of the New York Stock Exchange (NYSE) introducing a bitcoin price index. The bitcoin index is assigned the symbol NYXBT and it will be the representation of the daily value of US Dollar value against one bitcoin. The value will be available on NYSE Global Index Feed.
NYSE known as the Big Board of the Wall Street has at last recognized the growing interest in bitcoin among everyday users and big investors alike. According to the President of NYSE, Thomas Farley bitcoin is being increasingly considered by their customers as an important data point which they would like to follow as they plan to invest in or trade bitcoins. NYSE seems to be paying heed to their wishes and intends to bring more transparency to the bitcoin market.
NYSE will evaluate the bitcoin exchanges and track bitcoin prices on those sites which meet their quality standards. The price of one bitcoin in USD will be tracked across these approved exchanges by observing the transactions processed through them. Until the evaluation process is completed for the bitcoin exchanges, NYSE will obtain bitcoin data from Coinbase. Incidentally, NYSE has invested around $75 million in Coinbase earlier this year.
The Bitcoin price index will be constantly monitored by NYSE’s Index committee to ensure that the bitcoin index reflects up-to-date information about the bitcoin market. With the investment in Coinbase followed by inclusion of bitcoin index, NYSE has joined the ranks of other financial companies like Goldman Sachs and NASDAQ who are also heavily invested in bitcoins.
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It is speculated that NYSE has just started with its bitcoin program and soon it will be launching multiple indices for bitcoin market. NYSE seems to be working hard to obtain a chunk of the bitcoin pie in the early stages itself.