According to multiple reports, Nasdaq may be on the verge of launching a cryptocurrency price prediction tool to add to its Analytics Hub, which is already used for conventional stocks. The world’s second-largest stock exchange launched its Analytics Hub last year, which uses a blend of Natural Language Programming and machine learning to analyze information coming from web and social media sites. The data output can then be interpreted by investors, who hope to gain valuable insights into potential price movements that are upcoming.
However, Bill Dague, Nasdaq’s Head of Alternative Data, told Coindesk: “Given the abundance of interest, we are exploring cryptocurrency related datasets. Whether or not we launch a crypto-related product remains to be seen.”
This is not the first time that Nasdaq have been linked with cryptocurrency. Back in January 2018, Adena Friedman, Nasdaq’s CEO, said that the exchange were looking into crypto partnerships – and even a separate cryptocurrency exchange. It is thought that listings will begin next year though.
Meanwhile, an internal source says that a launch for crypto analytics is scheduled for November, with beta testing currently underway for a service that will support over 500 crypto assets as well as analyzing funds through wallets and exchange data: “There’s the social media sentiment part, so applying machine learning and NLP, which will start with Twitter and might include StockTwits and then eventually perhaps Reddit.”
This renewed interest comes at a time when crypto markets are still struggling to recover from a dramatic slump at the beginning of the year. Speculation has been rife that prices will continue to deflate, but there has been positive news along the way. In fact, last weekend (7th – 8th September), European Commission Vice President Valdis Dombrovskis told the Eurogroup meeting of economic and financial affairs ministers that crypto is “here to stay”.