Media: Nasdaq creates a tool to predict cryptocurrency market movements
Nasdaq is preparing to provide institutional investors with a mechanism to analyze the behavior of markets in hundreds of digital assets, writes CoinDesk from reference to sources familiar with the situation.
According to them, the American exchange is going to add tools for predicting the movement of cryptocurrency assets to its analytical hub. Launched last year, it uses machine learning and natural language processing capabilities to collect data from social media and other sources and provide investors with an additional mechanism for market analysis..
Today, the analytical hub is focused on traditional assets, but the addition of cryptocurrencies could be another signal of Wall Street’s growing interest in the nascent market, CoinDesk notes..
Nasdaq head of alternative data, Bill Doug, said: “Given the excess of interest, we are looking at datasets related to cryptocurrencies. Whether we will launch a cryptocurrency-related product remains to be seen. “.
Sources working with Nasdaq were more confident about the company’s plans and said that cryptocurrency-related functionality is currently in beta testing, while its full launch is scheduled for November..
According to the source, the service will provide information on approximately 500 crypto-assets and will rely on data from three channels: wallets, exchanges and social networks..
“One of the elements is related to the analysis of sentiment in social networks. Machine learning and natural speech analysis will be applied to it on Twitter, maybe StockTwits, and then maybe on Reddit, “the source said..
This year, Nasdaq CEO Adena Friedman said that her company is considering launching a product that will have similarities to bitcoin futures. She later said that in the future, Nasdaq may even open its own cryptocurrency exchange..
Earlier, the media company Thomson Reuters launched its own tool for analyzing the mood of the cryptocurrency market based on statements on social networks..
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