Bloomberg Terminal adds Huobi10 crypto index

Bloomberg Terminal adds Huobi10 crypto index

Bloomberg has added support for the Huobi10 cryptocurrency index on its Bloomberg Terminal service, industry website Coindesk has reported.

The US media and financial data giant today announced that users of the Bloomberg Terminal can now track the aggregated performance of the 10 top-traded digital currencies on Huobi Pro, the third-largest crypto trading in the world.

In addition, Bitcoin Terminal users will also have access to trading data of nine crypto coins against (Tether) USDT on the Huobi exchange. The coins in question are Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), EOS, Litecoin (LTC), Ethereum Classic (ETC), DASH and ZCash (ZEC).

Launched last month, the Huobi10 index is designed to track a pool of its most-traded assets in real time against the dollar-pegged cryptocurrency Tether. At the beginning of this month, the company launched an ETF-like product based on the index.

Huobi also have its own crypto coin, the Huobi Token, created in January via a token issuance, which was not an initial coin offering, according to the company. According to data from cryptocurrency tracker Coinmarketcap, the Huobi Token is currently trading at around $4.90 and has a market cap of nearly $246 million.

The added support for Huobi10 on the Bloomberg Terminal is another indication of the US company’s growing interest in the cryptocurrency space. Just over a month ago Bloomberg teamed up with Mike Novogratz’ firm Galaxy Digital Capital Management to launch its own cryptocurrency index.

“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,” Alan Campbell, global product manager for Bloomberg Indices, commented at the time, adding that the development marked “an important step in the evolution of the digital assets space”. At the same time Novogratz said that “the index “brings unprecedented transparency to the crypto markets”.

By Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to Invezz. His passion has given him first hand experience of trading, while his writing means he understands the market forces and wider regulation.
Invezz uses cookies to provide you with a great user experience. By using Invezz, you accept our privacy policy.