Singapore is looking to become a crypto leader by helping to set the price standards for both bitcoin and Ethereum, the two largest digital currencies around. Singapore Exchange Ltd. has recently announced that it is currently setting up two additional crypto indexes to help local and international traders better understand the prices of both assets and make smarter trading decisions from there.
Singapore Looks to Lead the Fight for Crypto
The indexes will be known as the iEdge Bitcoin Index and the iEdge Ethereum Index. They will utilize information and data from platforms such as Crypto Compare to give traders an idea of where bitcoin and ETH are headed. It will also allow global traders not situated in Asia to have an early hand in trading during the hours and time zones of the continent, which operates long before other nations awaken.
Singapore’s goal lies along the same planes as many other countries within Asia. It wants to have a strong hand over where bitcoin and Ethereum go in the coming months, and thus far, Asia has proven itself a dominant region in this respect, with nations like China controlling much of the world’s bitcoin and crypto mining hash power, for example. It is estimated that approximately 65 percent of the power devoted to extracting new crypto units comes from China. Compare that figure with an equally strong and competitive nation in the United States, which at press time, only contributes about seven percent.
But while Asia has always been strong when it comes to crypto activity, the continent has experienced several dips or stumbles along the way, such as in the case of South Korea, which at one point was responsible for more than a quarter of the world’s daily digital trades. Now, South Korea and China have fallen victim to several new regulations and amendments that have sought to place limits in what crypto traders can do, and as a result, many of the high trading figures these nations once exhibited have wasted away.
Where Other Countries Fall in Crypto, Others Rise
This has since paved the path for regions such as Russia to begin making its entrance into the crypto world. While Russia has long held an anti-crypto attitude, the country has recently implemented new legislation that prevents people from utilizing crypto to purchase goods and services (which is what they were designed for), but permits them to engage in speculative trading. This means that Russians will soon have access to trading exchanges and other platforms that will allow them to sell and purchase crypto units at will.
The two Singapore indexes will also utilize information from several leading crypto platforms including Kraken, Coinbase, Bitfinex and Liquid to give traders top prices and digital trading data. Presently, the indexes are set to switch to real-time values for both bitcoin and Ethereum in roughly two months.