Bloomberg Expands Terminal Coverage to Top 50 Cryptocurrencies

Bloomberg stated on June 9 that it was expanding its industry-leading asset coverage to include the top 50 cryptocurrencies by market capitalization.

Clients may now track intraday prices for a wider range of crypto assets, indexes, and futures contracts in real time using the Terminal. Professionals utilize the Bloomberg Terminal, a subscription-based computer software system, to study real-time financial markets.

It started tracking Bitcoin (BTC) values in 2013, when the currency was worth roughly $100 before skyrocketing to over $1,100 by the end of the year. According to the release, Bloomberg extended the Terminal to include the top 10 crypto assets in 2018 and now the top 50 owing to increasing institutional interest.

Testimony to Progress

Even in a bad market, each of these digital assets currently has a market valuation of over a billion dollars, demonstrating how much the crypto token business has expanded in recent years.

Only a few cryptocurrencies have a market worth of more than a billion dollars in late 2018. Decentralized banking platform Aave, with its native coin of the same name (AAVE) and a market valuation of $1.3 billion, was ranked 50th at the time of writing.

Institutional custody support, trading access, market capitalisation, and turnover consistency are all evaluated as part of the Bloomberg screening process. Bloomberg's mission, according to Alex Wenham, product manager for cryptocurrencies, is to "assist the global institutional investor community in seamlessly incorporating digital assets into their workflows," and to "continue to evolve our data-driven offerings to help our clients define and develop their strategies in this space as this market develops."

The move coincides with the entry of major financial institutions into the market. Fidelity and Schwab announced this week that they would collaborate with hedge fund manager Citadel Securities to create a bitcoin marketplace for institutional customers.

The Crypto Winter is Getting Worse

The decision also comes at a time when the crypto market is contracting, with bears showing no indications of letting go of their grasp.

The entire market capitalization has dropped another couple of percentage points to $1.28 trillion in the last 12 hours or so.

However, following their massive drop in April and early May, markets have mostly been stabilizing over the last month. The overall market capitalization is presently 58.4 percent lower than it was in November 2021, when it peaked at $3 trillion.

Bitcoin (BTC) is down 1.2 percent on the day, trading below $30,000, while Ethereum (ETH) is down 1% to $1,778 at the time of writing. During the Friday morning Asian trading session, most cryptocurrencies are also in the red.