Nasdaq develops a tool for forecasting the prices of cryptocurrencies

Verified
2 months ago
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The second largest stock exchange of the world Nasdaq can provide institutional investors with a special tool for analyzing the behavior of the cryptocurrency markets.

According to a source familiar with the plans of the exchange, a tool for forecasting price movements of digital assets will be added to the Analytical Exchange Center, which was launched last year. The service uses machine learning and natural language processing algorithms to collect data in social networks and other sources of information and gives investors a more complete picture of possible market movements.

At the moment, only traditional assets are available in the Analytical Center, but the possible emergence of instruments related to cryptocurrencies is another signal about Wall Street’s interest in this sector.

However, the source of the publication, responsible for the new product, stressed that the testing of the tool is already underway. A full-fledged launch of cryptocurrency functionality is planned for November.

It is also reported that the new service will predict traffic of about 500 CY. The tool will use a three-way approach, analyzing the movements of funds on purses, data from crypto-exchanges and social networks.