News recently broke that Bloomberg would begin moving over to cryptocurrency market reporting. Bloomberg is a leader in market reporting, and as interest in digital assets has risen, so has the demand for Bloomberg to create an index. News broke that the index was indeed created and will be called the Bloomberg Galaxy Crypto Index. The index was launched by Galaxy Digital Capital Management, which is run by billionaire Michael Novogratz. Novogratz is the biggest bull from Wall Street pushing this new market. The index will include only the largest and most liquid cryptocurrencies. The crypto index will be a market cap-weighted index, which means that the higher the market cap, the higher the weight of the index. At the maximum, the index will hold 12 currencies, but as of May 3rd, it will hold 10.

Specifications of the index will require that it be rebalanced monthly, and the weight will be no more than 30% and no less than 1% of the index. The Bloomberg index value opens at 1000 and has the following currencies in it: Bitcoin at 30%, Ethereum at 30%, Ripple at 14.14%, Bitcoin Cash at 10.65%, EOS at 6.11%, Litecoin at 3.77%, Dash at 1.67%, Monero at 1.66%, Ethereum Classic at 1%, and Zcash at 1%. Mainstream adoption continues to grow as trusted institutions move towards these assets. What is quite intriguing is the list of names that you will find who attend these blockchain conferences such as Consensus. Industry leaders such as Fidelity, Deloitte, SAP, CME Group, Accenture, KPMG, Microsoft, Santander, and IBM to name a few. It definitely makes sense to see half of the Big 4 Accounting firms at events such as these. We definitely know they want to audit or learn the proper way to monitor “hidden transactions.”

The Bloomberg Galaxy Crypto Index will be run and operated by Bloomberg Index Services.

Alan Campbell, product manager at Bloomberg Services, stated “today’s launch of the Bloomberg Galaxy Crypto Index reflects our clients’ growing interest in cryptocurrencies. The index brings our rigorous approach to index construction to cryptos and will provide investors with a transparent benchmark to gauge the performance of the broader market.”

Overall interest amongst the space has definitely peaked for the time being but once retail investors see the technology in daily life, interest may peak again.

IBM Watson incorporated with blockchain commercials only means so much to the average Joe. Blockchain tech that gives people power to make their own decisions is when peak interest will be here. When the average joe sees headlines like the Department of Justice investigating cryptocurrency traders for spoofing in some way levels these markets to the normal indices. If cryptocurrencies are going to have any legitimacy then they will need to be cleaned up and hopefully this is the start to get normal people involved. We need cleaned up regulators who do the right thing first and foremost.