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The Daily Hodl
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Nasdaq Exploring Tools to Predict Crypto Price Action

by Daily Hodl Staff
September 11, 2018
in Trading

Nasdaq is reportedly developing a suite of tools to help cryptocurrency traders predict price action. The sentiment analytics, powered by machine learning algorithms, would analyze social media content across the internet, perhaps including Twitter and Reddit. The analytics would also look at data flow from wallets and exchanges.

Coindesk reports that the US stock exchange would augment its existing Analytics Hub to include tools that can parse language across big data sets in order to analyze 500 cryptocurrencies. Currently the Nasdaq Analytics Hub, which was launched in May 2017, focuses on helping asset and hedge fund managers, algorithmic traders and active managers make informed investment decisions on traditional assets.

Bill Dague, Nasdaq’s head of alternative data, says that “given the abundance of interest, we are exploring cryptocurrency related datasets.” He added that there are no definitive plans. “Whether or not we launch a crypto-related product remains to be seen.”

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Reddit alone has a number of crypto subreddits with active users stretching collectively into the millions. The platform allows users to share and exchange links, charts, comments, opinions, memes and rants about hundreds of coins. The most popular crypto subreddit is Bitcoin with 925,568 users.

CNN Video: “People around the world are starting to trust Bitcoin more than the Central Banks”. Damn Right! from r/Bitcoin

Another Nasdaq source tells Coindesk, “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.”

Related: Bitcoin Price Action: Countering the Mainstream Media on Crypto Could Be Optimal Trading Strategy, Says Binance CEO

 
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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