The world’s second largest stock exchange, Nasdaq, is developing a digital assets prediction tool. The toll will comprise of an analytics hub software that has up to date techniques of statistical analysis and prediction.
About The Nasdaq Analytical Hub
The Hub will be the focal point of forecasting the movements in the prices of the digital currencies. It will be using natural language processing (NLP) and machine learning to gather reports on online sources, collect data from websites, wallets, Crypto exchanges, and other sources that aid data analysis and information presentation of the findings.
NLP and machine learnings are the latest approaches to forecasting big data. There offer multi-dimensional methodologies that not only take account of numerical data but also worded expressions that whose provisions are often left out of the mainstream statistical analysis. The effect is incorrect and misleading prediction which Nasdaq hopes to provide a solution.
Investors will Have Access to the Data
The Nasdaq analysis hub will generate comprehensive Crypto market prices predictions that will be availed to prospective traders on request. The hub has been in existence but has only been offering stock share prices predictions, therefore, the inclusion of the Cryptocurrencies will mean that Nasdaq will expand their scope of clients to net more Crypto investors by proffering to them the necessary tools that are vital to comprehensive trade.
Nasdaq Is Planning To Roll Out A Crypto Exchange And The Analysis Hub Maybe The Support
Adena Friedman, the Nasdaq CEO in January revealed that the exchange was considering to offer cryptocurrency trading in the course of next year. But first of all, the exchange was to proceed by investigating the risks posed in the management of the service give the growing and changing nature of digital assets. Moreover, the pending Bitcoin ETFs approval was a matter of concern to the Nasdaq CEO as disapproval could scatter the plans for future crypto exchange service.
Apart from making the Crypto exchange unique and competitive, Friedmann also said that the Nasdaq was considering to roll out their own Cryptocurrency.
The Planned Crypto Exchange Plans May Be On Track
Since the analytical hub is meant for Cryptocurrency investors, it can be concluded that Nasdaq is on track to roll out a fully fledge Crypto trading desk. This will differ greatly from the options platform that is provided by the CBOE and CME that only offers future concessions for digital assets trading.
Nasdaq’s Plan Mission Will Be Far-Reaching
Speaking to Coindesk, Bill Dague, the head of alternative data, revealed that the cryptoanalysis will feature over 500 digital assets. The mission is in its infancy stage and its release may be by November.
When the analytical hub is fully functional, investors will be able to get around the volatility setback that is currency causing investor jittery and contributing to decreasing activity in Crypto markets. On a bigger picture, the inclusion of the Cryptocurrencies on the priority of Nasdaq’s analysis will give digital assets credibility and acceptance into the mainstream markets.