Cryptocurrency app CryptoWire has rolled out IC15 index in India which will monitor the performance of 15 most traded cryptocurrencies in the world. CryptoWire is a special business unit (SBU) of crypto stats provider TickerPlant. As per a press release from the company, the launch is intended to escalate awareness and knowledge around the crypto and blockchain ecosystem and further the “learn before earn” concept among investors. The development comes at a time India is witnessing a boom in the adoption of the crypto culture, despite prevailing concerns around regulation.
The governance committee of the IC15 index comprises of domain experts, industry practitioners, as well as academicians. They will maintain, monitor, and administer the index while rebalancing it every quarter.
“Our approach is to facilitate market development and mitigate risk to a great degree by presenting all possible tools to evaluate possibilities and make decisions. We want all participants to utilise, to the fullest, this research-oriented, technology-powered opportunity for tracking the market,” Jigish Sonagara, Managing Director and CEO of CryptoWire said in a statement.
To be eligible for this list, a cryptocurrency needs to be traded on at least 90 percent of the trading days during the review period and should be in the top 50 in terms of the circulating market capitalisation during the preceding month among other criteria.
As of January 1, 2022, Bitcoin, Ethereum, Binance Coin, and Solana are sitting on the top four positions on the IC15 index.
This index may help the rising number of crypto investors in India make aware decisions.
Several studies from research firms like Watcher Guru and BrokerChoose have revealed that India has the highest number of crypto investors in the world. The number is around 100 million.
The country is yet to announce regulatory laws around the crypto sector.
India's much awaited crypto bill that was supposed to reach the Parliamentary table during its winter session was sent to the Cabinet for approval earlier this month. There has been no official word on the bill since.
The bill calls for the ban of all private cryptocurrencies from operating in the nation while also noting that the Reserve Bank of India is working on bringing a centralised national digital currency.
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