Nasdaq Is Reportedly Building Tools For Crypto Price Prediction
According to sources, the U.S. stock exchange plans to add tools for predicting crypto asset prices to its Analytics Hub. The hub currently focuses on traditional assets.
It is believed that this new crypto functionality is being beta tested ahead of an end-of-year launch. The service will analyze around 500 crypto assets by looking at data from digital wallets, exchanges and social media.
The Analytics Hub utilizes machine learning and NLP capabilities to analyze social media and other alternative sources of data, providing investors with a better way to evaluate markets and trends. Hence, it’s no surprise that the new tool will be integrated to the hub.
Earlier this year Nasdaq’s CEO said that the company is looking into the opportunity of offering a Bitcoin futures product. Furthermore, there have been plans to create a crypto exchange. Nasdaq will be following the likes of Reuters, Bloomberg and Dataminr, which are also considering providing social media (namely, Twitter) data to crypto traders.