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Bullish Bitcoin (BTC) News: New S&P crypto index and new reporting status for Grayscale

Bullish Bitcoin (BTC) News: New S&P crypto index and new reporting status for Grayscale
Image by Lubos Houska from Pixabay

OHIO (CoinChapter.com) — As Bitcoin continues to consolidate near this year’s lows, a flurry of bullish news comes from Grayscale and S&P Dow Jones Indices.

In detail, S&P Dow Jones has launched a new crypto index intended to track the performance of a broad section of the crypto market, including Bitcoin. The decision brings the total of crypto indexes managed by the organization to five.

The latest index is called The S&P Cryptocurrency Broad Digital Market Index, or BDM; it tracks over 240 cryptos.

The launch of these indexes is a new phenomenon, with the first such instruments by S&P Dow Jones Indices has launched just two months ago, in May of this year.

The creation of crypto indexes by Wall Street titans signals the growing acceptance of Bitcoin and similar cryptocurrencies. The asset class has become more mainstream, and investors would like ways to see how the market is performing without analyzing dozens or hundreds of coins and tokens. As a result, the demand for indexes like these would only continue to grow.

Big Week for Grayscale Bitcoin Trust

Grayscale Bitcoin Trust (GBTC) is scheduled for its next unlock in a matter of days. At the same time, Grayscale just announced that its Digital Large Cap Fund is now an SEC reporting entity. The SEC filing was reported on July 12th.

Grayscale has also filed three more Registration Statements with the SEC for a Bitcoin Cash Trust, an Ethereum Classic Trust, and a Litecoin Trust.

While the new mainstream crypto indexes fill a market need for investors to view crypto prices in a more condensed, comprehensive manner, Grayscale products allow investors to gain exposure to crypto markets in a simple, regulated way.

Taken together, these bullish Bitcoin news events show how quickly space has matured. It wasn’t that long ago that almost everyone in the traditional investment community wrote off Bitcoin as a scam, a fraud, rat poison, or something similar.

Over just the last year or two, Bitcoin has become recognized as a legitimate part of an investment portfolio, and other crypto assets have begun to join the fray.

What Crypto Winter?

News items like those announced by S&P Dow Jones and Grayscale this week indicate that the bull market is likely far from over despite the recent bearish price action.

While Bitcoin and other crypto prices reached record highs in the first half of 2021, we have also witnessed record amounts of FUD (fear, uncertainty, doubt). The new wave of FUD has been more substantial than past waves, focusing on fundamentals like mining instead of outright smears against crypto.

But this asset class has proved resilient over its 12-year existence, and many holders seem to have diamond hands among this latest string of bullish Bitcoin news.

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Brian Nibley

Brian is a freelance writer who has been covering the cryptocurrency space since 2017. His work has appeared in publications such as MSN Money, Blockchain.News, Robinhood Learn, SoFi Learn, The Balance, and more. Brian also contributes to the Nicoya Research investment newsletters, analyzing tech stocks, cannabis stocks, and crypto.

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