- XRP replaced USDC in the Cryptocurrency Global Large Top Five Index.
- HKVAC added HBAR, MKR, and QNT to the Global Large Cryptocurrency Index.
- Hong Kong’s Index Company, HKVAC, announced updates to indexes regarding cryptocurrencies.
The Hong Kong Virtual Asset Consortium, commonly known as HKVAC, recently announced updates to its indexes regarding some cryptocurrencies. HKVAC replaced Circle’s stablecoin USDC with Ripple’s XRP in its top five large cryptocurrency indices.
Colin Wu, a Chinese reporter known in X (previously Twitter) as WuBlockchain, shared the news and said, “HKVAC announced that its Global Large Cryptocurrency Index has added Hedera, Maker, and Quant, and deleted Cryptonex, ICP, and HEX.”
HKVAC shared a press release on October 13, announcing the rebalancing results of the company’s key indexes and market indexes. Moreover, Hong Kong’s renowned index company said that these updates will come into effect on October 20, a week after sharing the news.
The index company updated the Cryptocurrency Global Large Market Cap Index, keeping the total number of constituents unchanged at 30 but making a few changes. Two currencies were included in the index, Hedera (HBAR) and Maker (MKR), and two tokens were removed, Cryptonex (CNX) and Internet Computer (ICP).
At the time of writing, HBAR was trading at $0.04616 and MKR at $1,391.93. On the other hand, CNX was trading at $19.91 and ICP at $3.00.Furthermore, there have been updates in the Cryptocurrency Global Large Top Five Index; originally, the currencies were: BTC, ETH, USDT, BNB, and USDC. However, the update removed USDC and included XRP instead.
USDC was removed from the Cryptocurrency Global Large Top Five Equal Weight Index as well and replaced by XRP. The company didn’t share any reasons behind its update. USDC’s market cap is down by 0.48% in the last month, according to CoinMarketCap, while XRP is up by 0.58%.
In the announcement, HKVAC shared that there are no changes to the constituents of the Cryptocurrency Global Large Top 10 Index. The coins included were: BTC, ETH, USDT, BNB, USDC, XRP, ADA, DOGE, SOL, and TRX.
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