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Korea’s largest cryptocurrency purse announced the launch of the country’s first cryptocurrency index.
Upbit, a relatively new Korean encryption exchange that quickly became the most important transaction volume, launches the first domestic cryptocurrency index to help cryptographic investors better understand general market trends. Nicknamed the UBCI (Upbit Crypto Index), the index will be measured from four market indices based on long-term transactional data to trading by calculating standard values in confidence intervals , reports Business Korea.
The four indices developed are as follows:
- Market Index: A market-value-weighted index of total cryptocurrency that takes into account the total liquidity ratio of the market while providing investors with an overview of all coins.
- Index of sectors: An index that will classify coins in their specific sectors according to their characteristics.
- Bitcoin Index: Index focused on trading prices of bitcoins on the market; and
- Strategy Index: A rules-based index serving as an indicator of quantitative investor rules and tracking the returns of investors’ cryptographic portfolios.
As previously reported in September, Upbit was announced by start-up FinTech Dunnamu – the operator of the country’s most popular stock trading application, Kakao Stock, as a flat trading platform complete with a hundred cryptocurrencies. Dunamu, a subsidiary of Kakao Corp, launched Upbit in beta the following month. Dunamu allowed Upbit traders to connect to other Kako apps, including Kakao Talk, the country’s most popular messaging app used by 93% of the South Korean population, and Kakao Pay, a platform mobile payment with more than 13 million users.
A few months after its launch, Upbit quickly became the first Korean cryptocurrency trading operator. Market data released by a Korean Democratic Party politician last month revealed that Upbit accounted for more than half of the country’s cryptocurrency market at 52.9 percent.
Data from the bitcoin trade market in Korea in the last 24 hours show a similar picture.
Following the noticeable announcement of new clues, Dunamu’s president, Lee Seok-woo, draws parallels between l 39; the current nascent phase of the cryptocurrency market and traditional finance. the steps. In doing so, he stressed the need to establish clues for investors.
The current situation of the cryptocurrency market is quite similar to that of the traditional financial market based on stocks and bonds at an early stage. Therefore, as the market becomes more sophisticated, UBCI should play an important role in this area in the future. We will also disclose the rule book of the index and let the market evaluate it before long.
Upbit plans to launch three clues as early as April, followed by an unplanned launch date later in the year for its strategy index.
Image from Shutterstock to photo
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