Nasdaq is preparing to provide institutional investors with a mechanism for analyzing the behavior of the markets of hundreds of digital assets, CoinDesk writes citing sources familiar with the situation.
According to their information, the US stock exchange is going to add tools for forecasting the movement of courses of cryptocurrency assets to its analytical hub. It was launched last year, uses machine learning and natural language processing capabilities to collect data in social networks and other sources and provide investors with an additional mechanism for market analysis.
To date, the analytical hub is focused on traditional assets, but the addition of cryptocurrencies may be another signal of Wall Street’s interest in the emerging market, CoinDesk said.
The head of Nasdaq on alternative data, Bill Dague stated:
“Taking into account the excess of interest, we are considering data sets related to cryptocurrencies. Will we launch the product associated with cryptocurrencies, we can not say for sure yet.”
Working with Nasdaq, the sources were more confident in the company’s plans and stated that the functionality related to cryptocurrencies is currently in beta testing, while its full launch is scheduled for November.
According to the source, the service will provide information on approximately 500 crypto assets and will rely on data from three channels: wallets, exchanges and social networks.
“One of the elements is connected with the analysis of moods in social networks. It will be applied to machine learning and analysis of natural speech on Twitter, maybe in StockTwits, and then, perhaps, on Reddit,” the source said.
This year, Nasdaq CEO Adena Friedman said that her company is considering launching a product that will have common features with bitcoin futures. Later, she said that in the future Nasdaq could even open its own cryptocurrency exchange.
Earlier, a media company, Thomson Reuters, launched its own tool for analyzing the moods of the cryptocurrency market on the basis of applications in social networks.