Nasdaq Planning to Add Crypto Price Forecasting Tools, Uses NLP & Machine Learni

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Nasdaq Planning to Add Crypto Price Forecasting Tools, Uses NLP & Machine Learning

Nasdaq, the globe's second-biggest stock exchange, is purportedly considering adding tools to its Analytics Hub which will aid users in forecasting the price trends of Cryptos. Introduced in 2017, Nasdaq's Analytics Hub applies Natural Language Processing (NLP) and machine learning to ascertain information on social media platforms.

Data ascertained by the U.S stock exchange's proprietary software can then be utilized by all investors to evaluate market conditions and to get insight on future price trends. Nasdaq's Analytics Hub has only been readily obtainable to traditional asset investors hitherto, albeit, Crypto traders might instantly be capable to utilize it as well.

General Thoughts on 500 Digital Assets
Bill Dague, Nasdaq's head of alternative data revealed that:

“Given the abundance of interest, we are exploring cryptocurrency related datasets. Whether or not we launch a crypto-related product remains to be seen.”

Trusted sources acquainted with Nasdaq's internal operations revealed that the firm's development of Crypto related tools is presently in the prerelease or testing stage and its first official release is planned for November this year.

The newly developed Cryptocurrency Analytics software will purportedly offer 'sentiment' on around 500 digital tokens. Nasdaq's Cryptocurrency research tools will exploit a 'three-pronged method' to ascertain financial data.

In addition to data shared on social media platforms and other different data sources, the firm's tools will track all transactions between Crypto trading platforms and wallets. Remarking on how the tools will forecast price trends, the source elaborated:

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/nasdaq-planning-to-add-crypto-price-forecasting-tools/