The Economic Database of the Federal Reserve (FRED) of the United States added this week to its economic indexes the price quotation of four cryptocurrencies. The organization, recognized for its more than 500,000 economic time series, now has the bitcoin (BTC), bitcoin cash (BCH), ether (ETH) and litecoin (LTC) records available from 2014 to the present.
The FRED, as is known the database that is maintained by the research division of the Reserve Bank of St Louis, now offers daily data on the prices of the aforementioned cryptoactives, taking the quote from the US exchange house Coinbase , according to the organism announced. The FRED is considered one of the most accurate and comprehensive databases on the market, which is why the announcement represents an important sign of the adoption of cryptocurrency technology.
The data and graphs of BTC, BCH, ETH and LTC are available for customization of frequencies and formats, as well as for downloading the records. In addition, in the FRED platform users can compare, free of charge, the data of their preference, finding between the series the GDP (Gross Domestic Product) of the United States or the global unemployment rate. This is a useful tool for researchers, analysts and journalists interested in cryptocurrencies, because in a few steps you could compare the relationship between the price of bitcoin and the volatility of the dollar.
This index is the second one launched this year by organizations or companies that are a benchmark in the financial industry, as we must remember that last May Bloomberg launched its own cryptocurrency market capitalization index in alliance with Galaxy Digital Capital Managment LP. This index tracks the performance and information of the 10 most traded cryptocurrencies in the market and is called the Bloomberg Galaxy Cryptocurrency Index (BGCI).
As both indexes of US companies, it is important to take into account the research carried out by the Commission on Trade in Futures on Merchandise of the United States to determine if there is a manipulation in the prices of the market of cryptocurrencies, as it is important information of face to the bitcoin futures initially offered in Chicago.
This launch of the series of cryptoactives in FRED is proof that cryptocurrencies have a greater presence in the traditional financial ecosystem, whether with investment funds, derivative markets or economic indexes.