India to launch its first Crypto Index – How will it work?

India will be getting the first cryptocurrency index, which will be named IC15. It was introduced by a global crypto app, CryptoWire, which is a special business unit of TickerPlant. According to the information published by the company, the new crypto index is a rule-based broad market index. 

It will be working by taking advantage of the market capitalization of the cryptocurrencies and will be tracking and measuring the performance of the world-leading, most traded and liquid 15 cryptocurrencies. This list will include cryptocurrencies with the highest market capitalization, listed on leading crypto exchanges around the world.

This is great news for traders from around the world, offering traders of all different interests and backgrounds access to the market. The index introduced by CryptoWire oversees the performance of over 80 percent of the market movement. 

As a result, it can be a great option for investment for many different traders, including short-term and long-term investors. It was announced by the company that they will work very hard to ensure the index is well balanced and stable. 

According to them, CryptoWire has created a special, designated Index Governance Committee, which is made up of market experts, including industry practitioners and academicians with years of experience in the financial market. The committee will work to maintain, monitor, and administer the index by balancing it every quarter.

How Will IC15 Work?

While announcing the information about the crypto index, CryptoWire noted that they are planning to set the base value of the index at 10,000 and the base date will be April 1, 2018. 

While there are numerous cryptocurrencies involved in the index, they have different weights. For example, the cryptocurrency with the highest weight on the index is bitcoin, with as much as 51.57 percent. 

On the other hand, ethereum is weighted at just 25.79 percent on the index. The only other cryptocurrency that holds over 5 percent weight on the index is Binance Coin, while other altcoins all hold the weight below 5 percent. 

According to the MD & CEO of CryptoWire, Jigish Songara, the index was designed to ensure a complete knowledge cycle for the entire crypto and blockchain industry. According to him, this will be yet another step forward for the whole industry, further popularizing the idea of learning before earning among investors. 

As CryptoWire announced, the top 15 members of the index are Bitcoin, Ethereum, Bitcoin Cash, Chainlink, Polkadot, Cardano, Litecoin, Avalanche, Binance Coin, Solana, XRP, Shiba Inu, Terra, Uniswap, and Dogecoin. 

According to official data, on January 1, 2022, the open value of the index was over 71,000 points. CryptoWire was launched by TickerPlant in December of 2021. This super-app aims at helping crypto users to have access to high-quality insight into the market, including real-time market prices, news, knowledge, as well as training and learning more about the market. 

The crypto index will act as an opportunity for crypto investors to have access to a more diversified trading portfolio, which is a very important factor in making stable profits in the crypto trading market. 

Crypto Trading in India

While the government of India still fails to offer its citizens well-developed crypto trading laws and regulations, the country is showing a massive increase in crypto trading popularity. The trend can be seen in all different parts of the country, including even the most remote and rural areas of India. 

Even traders with no experience or time to learn more about the crypto trading industry are able to take part in the market thanks to the offerings of dozens of leading crypto exchanges. Many crypto-enthusiasts in India are very actively using automatic bitcoin trader bot offerings in order to make profits from the market without having to spend hours analyzing the price movements. 

This allows crypto traders in the country to go on with their daily lives, while also making profits from the crypto trading industry. Automated trading makes everything easier for retail traders as it can analyze the market movements in a matter of minutes and provide traders with accurate market data.

While cryptocurrency trading is completely legal in India as of now, there might be some limitations coming with the new Crypto Bill that the country has been working on for some time now. In fact, the Reserve Bank of India has previously had some efforts in terms of banning crypto transactions in the country, but the initiative was reversed by the Supreme Court order in 2020. 

The Indian Crypto Bill has been in development for a very long time now. Most recently, the parliament was planning to hold a hearing of the bill during the Winter Session of parliament, but the decision was made to postpone the hearing due to the alleged changes needed in the bill. As of now, the parliament plans to hold the hearing of the Crypto Bill in February.

Adopting a well-developed regulatory framework that will guarantee the safety of individuals, while not limiting the innovations in the crypto trading market is a very important factor for India. Due to the huge interest and demand for high-quality crypto services in the country, many experts believe that the new regulatory guidelines will be crypto-friendly.

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