Dogecoin Doesn’t Get Into S&P Cryptocurrency Broad Digital Market (BDM) Index Due to Lack of Whitepaper
The world’s leading index provider recently launched Bitcoin (BTC), Ethereum (ETH), and Cryptocurrency Index after showing its interest in December last year.
Now, it has been found that S&P’s crypto indices, S&P Cryptocurrency Broad Digital Market (BDM) Index, covers 243 digital assets, as reported by CoinDesk.
While including Bitcoin, BDM Index whose whole average market cap was $4.8 billion largely consists of small and mid-cap cryptos.
Interestingly, this list includes Bitcoin Diamond (BCD) but not Dogecoin (DOGE). And the reason for the same is, “they don’t have a white paper.”
The likes of XRP, Monero (XMR), or BitcoinSV (BSV) didn’t make it to the list either but the likes of Skycoin did.
However, the committee overseeing BDM can also remove a coin that “may be an unregistered security,” that has “privacy features” or that faces “potential market disruption,” according to documents.
For its crypto selection, the index seems to focus on performance. The index has been hovering around 2,676 on Tuesday, down about 15% in July compared to S&P’s bitcoin tracker at 450.86 points, down 11.5% in the same period.