Market Cap: $137.05B

|

Vol24: $24.69B

|

dominance: 51.52%

Nasdaq creates a mechanism to predict future movements of the cryptocurrency market

Nasdaq creates a tool for predicting movements of the crypto market

In the near future, institutional investors, collaborating with the American market Nasdaq, will obtain a tool to analyze the behavior of markets with hundreds of cryptocurrency assets.

According to sources, familiar with current situation around this event, Nasdaq plans to add this mechanism in its own analytical hub, launched last year. This hub uses machine learning and processing of natural speech for gathering information in social media and other sources, which investors can use for a more thorough analysis of the market movement.

To date, analytical hub is focused on traditional assets, but adding cryptocurrencies may be another signal of Wall Street's growing interest for a new market.

Bill Dague, Head of Alternative Data on Nasdaq, said:

"Considering a huge interest, we are planning to use cryptocurrency datasets. With regard to the launch of any crypto product, this question still remains open."

On the other side, sources, cooperating with Nasdaq, claim, that a new cryptocurrency functionality is already undergoing beta testing before launch, which to be held in November this year. According to rumors, this service will provide information about five hundred of various cryptocurrency assets. Relevant data will be gathered from wallets, trade exchanges and social media.

A source explained:

"A service is to analyze sentiment in social media through machine learning and processing of natural speech. To start with, Twitter posts will be analyzed, and then, possibly, data processing may begin on such platforms, as StockTwits and Reddit".

Recently,Adena Friedman, Chief Executive Officer of Nasdaq, stated, that the company was considering proposals to launch a product, similar to Bitcoin futures. Later she added, that Nasdaq would probably open up its own cryptocurrency market in the near future.


TOP 20 coins by Market Cap

Bitcoin

Bitcoin | BTC

$4014.88583215 $70.48B
0.68
Ethereum

Ethereum | ETH

$154.438837282 $16.21B
3.94
Ripple

Ripple | XRP

$0.3234753215 $13.38B
0.53
EOS

EOS | EOS

$4.0109669948 $3.63B
3.39
Litecoin

Litecoin | LTC

$50.1065973314 $3.04B
1.31
Bitcoin Cash

Bitcoin Cash | BCH

$146.218498012 $2.58B
1.47
Tether

Tether | USDT

$1.0039437067 $2.03B
-0.36
Stellar

Stellar | XLM

$0.0914010231 $1.75B
1.77
TRON

TRON | TRX

$0.0251127245 $1.67B
0.22
Binance Coin

Binance Coin | BNB

$10.5931285465 $1.5B
-1.18
Cardano

Cardano | ADA

$0.0469692541 $1.22B
2.9
Monero

Monero | XMR

$52.6572753499 $0.89B
1.07
IOTA

IOTA | MIOTA

$0.3077414661 $0.86B
1.37
Dash

Dash | DASH

$86.9491865485 $0.75B
0.72
Maker

Maker | MKR

$706.968285017 $0.71B
8.3
NEO

NEO | NEO

$9.2524028005 $0.6B
5.44
Ethereum Classic

Ethereum Classic | ETC

$4.7292609467 $0.51B
1.36
NEM

NEM | XEM

$0.0463264538 $0.42B
5.32
Zcash

Zcash | ZEC

$55.086576579 $0.33B
0.75
Ontology

Ontology | ONT

$0.93315426 $0.3B
16.72
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