COINBASE LAUNCHES A CRYPTOCURRENCIES INDEX FUND
The world of cryptocurrencies is continuing to grow. Late last year, CME Group and CBOE listed bitcoin futures in a bid to get more institutional investors to invest in blockchain technology.
Yesterday, popular cryptocurrencies exchange, Coinbase announced that it would be launching a new cryptocurrencies index fund. The fund will be the new product from Coinbase’ asset management division which the company announced a few months ago. It will be open to accredited American investors, who will need to invest a minimum of $10,000. During launch, the index fund’s weightings will be 62% Bitcoin, 27% Ethereum, 7% Bitcoin Cash, and 4% Litecoin.
There is a likelihood that other crypto exchanges will start their own index funds to target the same market targeted by Coinbase.
Meanwhile, Bitcoin’s volatility has slowed in the last couple of weeks, with the currency avoiding the large price moves we were used to. For two weeks, the BTC/USD pair has traded in the range of $11,710 and $9279. At this point, it will take a major news to accelerate or end the rally.