A Nasdaq insider announced that the organization is working on a special tool for large traders and investors to analyze the prices of hundreds of crypto assets. The exchange plans to embed an algorithm for predicting prices of virtual coins into its Analytics Hub service.
⚡️The project, launched last year, connects machine learning to parsing social media and other sources. Parsing is the analysis of large amounts of data according to certain criteria. Thus, clients gain an improved understanding of market processes.
📉 Until now, Analytics Hub has focused on traditional markets. The analysis now of crypto assets also indicates the growing interest of large traders in the emerging sector.
Bill Daghe, director of the Nasdaq analysis of alternative data, said:
💥 “We are researching arrays of information related to crypto assets. It is not yet known whether we will launch this product or not. ”
🔥An insider noted that the tool is already in the testing phase before the official release, planned in November 2018. According to him, the tool will analyze data on 500 crypto assets. His work will use a three-step approach: analysis of flows of funds in wallets, data from crypto exchanges and information on social media.
📌 “We will use machine learning in working with social networks. Let's start with Twitter analytics, then probably include StockTwits and Reddit. "
🌎By the way, the CEO of the exchange Adena Friedman said earlier that the organization is working on a proposal such as Bitcoin futures. In April, a message appeared: the corporation plans to create a crypto exchange.
📈The company is not the only one who works in this field. The same services have been launched by well-known analytical firms such as Reuters, Bloomberg, Dataminr.