It seems like Nasdaq could be at the tipping point for giving institutional traders a leg up on trading hundreds virtual assets.
According to an inside source who knows the businesses goals, the United States stock exchange is preparing to add tools for predicting movements of price for crypto assets to their Analytics Hub. The Analytics Hub was released last year and brings in machine learning and NLP (Natural Language Processing) possibilities in order to parse through social media and other alternative sources of data to give traders a better way to view the movement in the market.
The Analytics Hub has its focus on traditional assets however, with the introduction of crypto it seems to be another signal of Wall Street’s ever growing interest in the sector.
Nasdaq’s head of alternative data, Bill Dague spoke to CoinDesk on the matter and said:
“Given the abundance of interest, we are exploring cryptocurrency related datasets… Whether of not we launch a crypto-related product remains to be seen.”
The source that was working with Nasdaq on the effort said that ‘the new crypto functionality is currently being beta tested ahead of a launch targeted for November’.
The source spoke to CoinDesk and said that the service would provide sentiment on over 500 digital crypto assets
The source went on to say:
“There’s the social media sentiment part, so applying machine learning and NLP, which will start with Twitter andmight include StockTwits and then eventually perhaps Reddit.”
The news comes after Adena Friedman, the CEO at Nasdaq mentioned earlier in the year that the business was looking into offering a kind of Bitcoin product in the future.