Sources familiar with Nasdaq’s plan revealed to cryptocurrency news portals on September 11 that the firm is getting ready to add new tools for predicting cryptocurrency price movements to their Analytics Hub.
Nasdaq’s Analytics Hub, launched last year, uses machine learning and natural language processing (NLP) capabilities, looking through social media and other data sources, giving investors a better way of analyzing market movements.
The Analytics Hub has so far focused on traditional assets, but the addition of crypto assets may be a sign that Wall Street is ready to accept the cryptocurrency market.
Giving The Edge To Investors
Nasdaq’s head of Alternative data, Bill Dague, said in an interview with Coindesk that “given the abundance of interest, we are exploring cryptocurrency related datasets.”
However, Dague would qualify that statement, adding that:
“Whether or not we launch a crypto-related product remains to be seen.”
Sources working on the project, however, state that the new crypto tracking functionality is currently undergoing beta testing ahead of its launch, which sources say targets November 2018.
The anonymous source says the new service would track sentiment on about 500 crypto assets, taking a multi-pronged approach to analysis. The service will look at fund flows via wallets, data from exchanges and social media before providing its analysis.
The news comes in the wake of Nasdaq CEO Adena Friedman’s statements earlier this year that the firm was looking into a possible bitcoin futures product. In April of this year, Friedman suggested that Nasdaq was considering creating a crypto exchange.
Nasdaq won’t be the only game in town, though.
Other firms are closing in as well, such as Reuters and Bloomberg, as well as Dataminr. The company had previously commented on providing Twitter-sourced data to cryptocurrency traders.
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