The muscles behind the New York Stock Exchange-Intercontinental Exchange has started a new research unit into digital currencies. The unit, for now, will equip trader with historical and real-time data of digital currencies price on a global scale. Presently, ICE selected fifty-eight cryptocurrency projects and nineteen FIAT currencies.
From the information we gathered on the development, ICE partnered with Blockstream to develop the unit-“Cryptocurrency Data Feed.” Their reason for the unit is to provide a viable source of historical and real-time crypto prices from different countries of the world. However, the number of crypto projects listed accounted for only 2.75% of all the projects available in the industry.
We can’t present the entire list here, but you can get it from the official website. The number of available cryptocurrencies on the feed is 58 and traders can at least get their prices movement in the market. The only issue here is that there are up to 2106 crypto projects existing in the market.
By selecting a few numbers, the Intercontinental Exchange is narrowing down the choice for investors. Apart from affecting them, the impact on the altcoin market might be negative in the long run. It will reduce the exchange volume and stunt the growth of other digital currencies, trading in the market. Knowing the nature crypto investors and traders, other coins that didn’t appear on the list will lose trust. Players in the community might view them as a high-risk investment since there are not real-time price information.
Few amongst the cryptocurrencies in the list include; Stable coins, High Market Cap tokens, Potentially Valuable Projects, Huobi. The stable coins in the list include Gemini Dollar, USD coin, Tether, and TUSD. Some of the tokens appearing on the ICE list include some like, Ethereum, Litecoin, Monero, Cardano, Ripple, NEM, Steller, and NEO.
The other projects include that has potential values such as Basic Attention, Siacoin, Ardor, Dogecoin, Bitshares, CyberMiles, Zilliqa, Nebular, Metaverse, Ox, etc. Also, Huobi, BSV, Bitcoin Cash, Ethereum Classic and Bitcoin Gold also appeared in the list.
We already know that Cryptocurrency exchanges are becoming excessive in the industry. Many countries have established these platforms because of the decentralized nature of the digital currency. Well, that shouldn’t be a problem except that we don’t have authorized metrics for giving out viable real-time data. As a result, one cannot confidently say that the price of any project is accurate. The reason being that there are many avenues for getting it and nothing to vouch for their authenticity.
This unit by ICE will provide reliable insights on cryptocurrency projects and also boost their efficiencies. Further, the feed will enhance pricing evaluation by following proper surveillance and using portfolio managers. With accurate statistics, trading of crypto-assets between customers or peers will be direct.
When it comes with currency trading, there are lots of issues and challenges to face. The situation of volatility and adverse market conditions increases the risk for traders. Therefore, this idea of global coverage from the Intercontinental Exchange will help a lot. At least, hedge funds would have the information they need to mitigate their risks.
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