Price Movement Prediction by Nasdaq Rumored
An insider source stated that the USSE is planning to include tools to begin predicting movements in the prices of varying digital currencies. Price fluctuation is a peril for crypto users as there is a risk of volatility associated with it. By adding this price movement detection tools, they can denote fluctuation of their assets to a new initiative called the Analytics Hub.
After incorporating machine learning as well as the processing of natural language, the Analytics Hub had been made public a year prior in order to survey social media and multiple other sources to give various types of traders insight into the market.
The primary focus of the AH is on fiat currencies, but after the increase of interest in crypto, Wall Street seems to have developed a newfound view on digital assets
Bill Dague, a data chief at Nasdaq, remarked that they are even more interested in exploring the possibilities that crypto might produce, but leave a question mark over the launching of crypto-related products in future. Sources working closely with Nasdaq stated that on the beta version, new crypto functionalities are being tested prior its launch last fall, and will encompass more than 500 different crypto assets.
The service also includes a part that emphasizes social media’s influence on market scenarios, as the hub applies ML and NLP on Twitter. It can also survey Reddit as well as StockTwits as well in order to produce market trends. This alleged rumor started circulating after Adena Friedman, CEO of Nasdaq stated that they were looking forward to launching a Bitcoin product shortly.