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.