Maker

Internet Computer

USDC

<div class="finbold">
 <p class="paragraph">Financial indexes are numeric scores that assist investors in following consolidated data on different markets or sectors, usually weighted by specific rules or the importance each index manager sees for each asset composing its basket.&nbsp;</p>
 <div></div>
 <p class="paragraph">This is the same for <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency <a rel="noopener noreferrer nofollow" title="index" href="https://thebittimes.com/tag/index.html">index</a>es, which can help <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> traders and investors in decision-making.</p>
 <p class="paragraph">On October 13, the Hong Kong Virtual Asset Consortium (HKVAC) announced a rebalancing in four of its crypto indexes. According to the announcement, HKVAC added the XRP token (XRP) and removed Circle USD (USDC) from two of them, along with other changes, as follows:</p>
 <ul>
  <li><strong>HKVAC Cryptocurrency Global Large Top5 Index</strong>
   <ul>
    <li>Add: XRP</li>
    <li>Remove: USDC</li>
   </ul></li>
  <li><strong>HKVAC Cryptocurrency Global Large Top5 Equal Weight Index</strong>
   <ul>
    <li>Add: XRP</li>
    <li>Remove: USDC</li>
   </ul></li>
  <li><strong>HKVAC Cryptocurrency Global Large Market Cap Index</strong>
   <ul>
    <li>Add: Hedera (HBAR) and Maker (MKR).</li>
    <li>Remove: Cryptonex (CNX) and Internet Computer Protocol (ICP)</li>
   </ul></li>
  <li><strong>HKVAC Cryptocurrency Large Market Cap Index (Ex-BTC, ETH &amp; Stablecoin)</strong>
   <ul>
    <li>Add: HBAR, MKR and Quant (QNT)</li>
    <li>Remove: CNX, ICP, and Hex (HEX)</li>
   </ul></li>
 </ul>
 <figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="926" height="408" src="https://cdn.thebittimes.com/images/2023/10/13/138e99c98081c8cda040abc994ce2040.webp" alt="Hong Kong Virtual Asset Consortium's top 5 crypto index changes" class="wp-image-132429" srcset="https://cdn.thebittimes.com/images/2023/10/13/138e99c98081c8cda040abc994ce2040.webp 926w, https://cdn.thebittimes.com/images/2023/10/13/138e99c98081c8cda040abc994ce2040.webp 300w, https://cdn.thebittimes.com/images/2023/10/13/138e99c98081c8cda040abc994ce2040.webp 768w" sizes="(max-width: 926px) 100vw, 926px">
  <figcaption class="wp-element-caption">
   Hong Kong Virtual Asset Consortium’s top 5 crypto index changes. Source: <em>HKVAC</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-hkvac-crypto-indexes-composition">HKVAC crypto indexes composition</h2>
 <p class="paragraph">Additionally, the first two indexes are made of the top five cryptocurrencies by market capitalization, with the changes mirroring the recent performance of XRP against Circle’s stablecoin. These indexes are composed of the following:</p>
 <ul>
  <li>Bitcoin (BTC)</li>
  <li>Ethereum (ETH)</li>
  <li>Tether (USDT)</li>
  <li>BNB Chain (BNB)</li>
  <li>And now XRP.</li>
 </ul>
 <div class="not-prose relative overflow-auto scrollbar-hide mb-8 mt-8">
  <div class="relative w-full flex gap-6 snap-x snap-mandatory overflow-x-auto">
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/13/bc7a1285bf963b4cbbb3ede54f5464ca.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="ripple-v-sec-case-update-as-of-october-13-2023">Ripple v. SEC case update as of October 13, 2023</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/12/25ad0ab17ecf0eea9eef3899accfa4ea.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="xrp-market-cap-tanks-2-5-billion-in-a-week-is-this-just-the-start">XRP market cap tanks $2.5 billion in a week: Is this just the start?</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/13/bb21ae49fbad2287fa573a0c34370731.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="we-asked-chatgpt-if-will-there-be-an-xrp-bull-run-in-2024">We asked ChatGPT if will there be an XRP bull run in 2024?</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/13/34c469218009b56302cd669a6bf782f4.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="ripple-moves-60m-tokens-from-october-unlock-will-it-impact-xrp">Ripple moves 60m tokens from October unlock; Will it impact XRP?</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/13/6002c9f0cb83bac36b7f8e0f36a4dd5d.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="what-s-next-for-xrp-as-mexico-s-central-bank-eyes-ripple-adoption">What's next for XRP as Mexico's central bank eyes Ripple adoption?</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">The next two indexes are made from the top 30 cryptocurrencies by market cap, but the last one excludes Bitcoin, Ethereum, and stablecoins.</p>
 <p class="paragraph">Interestingly, Maker and Quant are not in <em>CoinMarketCap</em>’s top 30 <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="index" href="https://thebittimes.com/tag/index.html">index</a>, ranked 33rd and 39th, respectively. Both MKR and QNT tokens, combined with Hedera’s native token, are also not ranked in <em>CoinGecko</em>’s top 30 <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="index" href="https://thebittimes.com/tag/index.html">index</a> by market cap, with HBAR sitting in the 31st rank.</p>
 <p class="paragraph">Per the Consortium’s website, HKVAC plans to soon launch financial products based on its <a rel="noopener noreferrer nofollow" title="index" href="https://thebittimes.com/tag/index.html">index</a>es. It also aims to promote Hong Kong as a safe virtual asset market in compliance with regulators.</p>
 <p class="paragraph"></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/hong-kong-s-crypto-index-creator-ditches-usdc-to-onboard-xrp-tbt66242.html">https://thebittimes.com/hong-kong-s-crypto-index-creator-ditches-usdc-to-onboard-xrp-tbt66242.html</a></p>

Hong Kong’s crypto index creator ditches USDC to onboard XRP

Table of Contents

TheBitTimes

Other articles published on Oct 13, 2023

Bitcoin Exchange Binance Announced That It Will Support the Transition of This Altcoin to the ERC...

3 cryptocurrencies to avoid buying before Halloween 2023

Today in Crypto: Swarm Launches EU-compliant KYC Solution for Tokenized Securities, CoinList Reve...

Decoding the Past: AI Unveils Words Hidden in Ancient Scrolls

BlockFi CEO Zac Prince testifies to lending relationship with Alameda Research before its collapse

The Top 10 Cryptocurrencies: A Comprehensive Guide

Join our free newsletter for daily crypto updates!