According to CoinDesk, Nasdaq is developing a tool to predict price movement. According to a source familiar with the situation, the new tool will be added to the Analytics Hub FOR processing alternative sources of information (including social networks) to create a more complete picture of market dynamics. The expected period to full launch is November 2018.
Analytics Hub provides data parsing only on traditional markets, but the news about adding support cryptocurrency segments may indicate the growing interest of Wall Street to the young sector.
Head of alternative data Nasdaq Dag bill (Bill Dague) confirmed that “given the extraordinary interest, the company [do] examines data on cryptocurrency”. However, he did not give a clear answer, why do Nasdaq collects this data:
“It is unclear whether we will launch a cryptocurrency product.”
Source CoinDesk was more unequivocal in their words, claiming that at the moment the tool is in beta testing. In addition, according to the informant of the edition, the tool provides predictive Analytics 500 digital asset using the information on the movement of funds between the wallets, cryptocurrency exchanges data and social networks.
“Nasdaq uses machine learning and natural language processing and plans to start with Twitter and, perhaps, StockTwits, over time, to include Reddit”, a source told CoinDesk.
The obvious interest in the potential of cryptocurrencies and digital assets for the Nasdaq earlier confirmed CEO of the Corporation, adena Friedman (Friedman Adena). She also stated that Nasdaq may open a platform for trading cryptocurrencies — as soon as an adequate legal field.