Nasdaq Building Tool to Predict Crypto Price Movements

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Nasdaq Building Tool to Predict Crypto Price Movements

New services and offers are being introduced by established organizations as institutional firms’ interest in the bitcoin sector grows. According to CoinDesk, the major American exchange, Nasdaq, is focusing on building analytical techniques for anticipating the price fluctuations of crypto assets.

NasdaqAnalytics Hub to Host Crypto Prediction Functionality

According to CoinDesk, the new cryptocurrency capability is presently being beta-tested and is set to arrive in November of this year. The required crypto-specific analytical tools will be introduced to the Nasdaq Analytics Hub, a platform that gives access to a fully-vetted unique alternative as well as financial data needed to better guide investing strategies. The hub, which was launched in 2017, combines the processing power and analytical capabilities of new technologies such as machine learning and natural language processing (NLP) and integrates data acquired from many sources to forecast future market moves with greater accuracy. While its first concentration has been on conventional assets such as shares, cryptocurrency may be the next rung in terms of coverage.

According to the source, the top-level methodology of the crypto price prediction function “uses a three-pronged approach to its research, looking at money movements through wallets, data from exchanges, and social media.” Twitter and StockTwits may be among the social media sources, and the list may ultimately include Reddit, a significant social news aggregation, online content rating, and debate website. The tools are planned to cover around 500 crypto assets and produce essential forecasts and feelings about their potential price movements.

This kind of launch will seek to address the need in the market for trustworthy, instructive, analytical, and safe tools for cryptocurrency traders. When they become accessible, Nasdaq’s crypto prediction tools will compete with other prominent data providers like as Reuters, Bloomberg, and Dataminr, who have announced intentions to provide comparable data and content to cryptocurrency market players. Thomson Reuters upgraded its Eikon data feed offering to include data from leading cryptocurrencies in March, while Bloomberg created the Bloomberg Galaxy Crypto Index (BGCI).(Thomson Reuters also adds cryptocurrency data to its desktop feed.)

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Nasdaq has been hinting at active engagement in the cryptocurrency industry amid increased interest and investor activity in the digital currency market. Earlier this month, CEO Adena Friedman said that the company “might explore establishing a cryptocurrency exchange.” (For more information, read Nasdaq CEO Teases Future Cryptocurrency Exchange.)

It has also partnered with other companies to provide the required technologies to establish cryptocurrency-focused businesses. (For additional information, read DX: The First Crypto Exchange Based on Nasdaq Technology.)

Earlier in November, there were reports that the exchange could offer a bitcoin futures contract. (For additional information, read Nasdaq May Introduce Bitcoin Futures in 2018.)

Investing in cryptocurrencies and Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and neither Investopedia nor the author suggest that you do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns no cryptocurrencies as of the day this post was published.

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