according toaccording toCoinDesk reports
, Nasdaq may provide cryptocurrency investors with predictive tools in terms of price analysis.
The US Stock Exchange is preparing to add a new tool to its Analytics Hub that can predict price movements for crypto assets, according to people familiar with the matter. Launched last year, the analytics center uses machine learning and natural language processing capabilities to analyze social media and other alternative data sources, allowing investors to assess market movements.
The inclusion of cryptocurrencies, which has so far focused on traditional assets, appears to be another sign of Wall Streets growing interest in the sector.
Bill Dague, director of Alternative Data at Nasdaq, said that because people are very interested in cryptocurrencies, we are working on cryptocurrency-related data sets. But Dague added that it remains to be seen whether we launch a cryptocurrency-related product.
However, the source who works with Nasdaq is very positive that the price prediction product is currently in beta testing and is expected to be released in November. And this service will adopt three methods, namely, through the wallets fund flow, exchange data, and social media data, to provide confidence for about 500 encrypted assets.
In addition, the service will use machine learning and NLP (Natural Language Processing) to analyze the emotional part of social media. The social media part will start from Twitter, and may also include social media such as StockTwits and Reddit.
Earlier this year, Nasdaq CEO Adena Friedman said the firm was considering launching some kind of bitcoin futures product. In April, Adena Friedman said Nasdaq would consider creating a cryptocurrency exchange.
