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What is Bluebird Index? Binance launches crypto price index, prompts constituent MASK to pump

By Raphael Sanis

Edited by Charlie Mellor

16:04, 2 November 2022

The Binance logo on a phone in front of a price graph
Bluebird Index is a new Twitter-themed cryptocurrency index from Binance – Photo: Shutterstock

Crypto exchange Binance is adding to the attention surrounding Twitter with its new cryptocurrency index that tracks the price of BNB, DOGE and MASK.

The Bluebird index does not explicitly cite the social media network but its name could be in reference to Twitter’s logo. Its announcement said:

“The Index is calculated using a formula that incorporates the weighted averages of the constituent tokens’ real-time prices on the Binance Spot market, denominated in USDT.”

MASK to USD

MASK, DOGE and Twitter

Bluebird’s arrival comes as Twitter was purchased last month by Elon Musk, who is no stranger to the crypto community and industry. The billionaire has often spurred the price of dogecoin through his tweets.

The meme token has been trending once again after Musk’s takeover. DOGE saw a significant rally that has continued throughout the week.

DOGE to USD

DOGE/USD

0.13 Price
-1.940% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

ETH/USD

3,502.80 Price
-0.720% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

BTC/USD

66,965.10 Price
-0.710% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

SOL/USD

173.78 Price
-0.690% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

This was fuelled when Musk’s statement from earlier this year resurfaced that users could pay for Twitter Blue with dogecoin.

While MASK has a lower profile than the dog-themed cryptocurrency, it has also been responding to the takeover.

What is MASK?

Mask Network is a protocol enabling users to send encrypted messages on Twitter and Facebook, operating like a bridge between decentralisation and the internet.

The network’s native governance token, MASK, has also surged after the Twitter takeover. After closing 26 October at $1.13, it reached a high of $1.77 two days later, once Musk’s deal had completed.

MASK has continued this rally into this week as Binance added it to the Bluebird Index today (2 November 2022). At the time of writing, MASK was trading at $3.90, up 61% in the past 24 hours and 240% on the previous week.

Markets in this article

BNB/USD
Binance Coin / USD
600.49 USD
-2.96 -0.500%
DOGE/USD
DogeCoin / USD
0.1325073 USD
-0.0026144 -1.940%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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