Coinbase, a major publicly traded cryptocurrency exchange, has launched the COIN50 Index to track key digital assets. This move aims to assist the exchange's development in the maturing crypto ecosystem.
Coinbase's COIN50 Index
Coinbase's COIN50 Index is a selection of the top 50 cryptocurrencies that have undergone a rigorous vetting process. The index's development included VanEck, applying strict selection procedures to include only investible assets. According to Matthew Sigel, head of VanEck’s digital assets research, this process makes the index a more accurate gauge of the market. The COIN50 has been designed to give traders and investors a comprehensive overview of cryptocurrency market dynamics.
COIN50 Index Futures
The crypto company also announced perpetual futures based on the COIN50 Index. The new COIN50-PERP market will open on November 12, 2024, at 2:30 p.m. UTC. This futures product provides higher leverage up to 20x, offering increased exposure to market fluctuations.
Political Context and Asset Price Surge
The recent U.S. presidential election victory led to a surge in digital asset prices, supported by crypto enthusiasts. Bitcoin enters its second bull run at $90K. Ethereum has also gained, enhancing positive market sentiment. Coinbase shares rose 20% on November 11, highlighting the market's active engagement.
The launch of the COIN50 Index enhances the connection between traditional finance and cryptocurrencies, opening new opportunities for traders and investors amid ongoing market positivity.
