Nasdaq Is Building a Tool to Predict Crypto Price

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Bitcoin LogosWe have heard from a senior executive at the NASDAQ who has decided to remain anonymous for obvious reasons that the U.S stock exchange is currently preparing to add tools to predict price movements of various leading cryptocurrencies. The new tool will be added to the NASDAQ’s Analytics Hub. The hub was launched just last year (2017) and provides investors with a more accurate way of predicting the market and assessing movement.

So far the Analytics Hub has primarily been focused on predicting the movement of traditional assets. Though the addition of digital currencies may seem to be yet another step by Wall Street in favor of cryptos. Speaking to the press, Bill Dague the head of the NASDAQ’s alternative data said that there is a lot of interest in cryptos and so they are consequently exploring various cryptocurrency related instruments. However, the executive added that it is still not clear if there will be such a tool as rumored by multiple sources.

The source which leaked this information is supposed to be working with the NASDAQ on building the tool or adding the functionality which is in its beta phase. According to the source, the new service will provide sentiment on nearly 500 cryptocurrencies and ICOs by taking a so-called three-pronged approach to looking at the flow of funds via wallets, social media, data from exchanges and analysis.

The news is hot of the heels of an announcement by Adena Friedman the current NASDAQ CEO who said that the company was looking into ways to offer bitcoin futures product. Then later in April, she said that they could possibly consider creating a cryptocurrency exchange. Though at the moment there isn’t much information about that.

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