One of the major issues in the Crypto industry has been a lack of reliable data like exchange volumes, market cap, etc where a majority of data is provided by some websites like Coinmarketcap. In order for more institutional investors and big players to enter there has to be reliable data.
Nasdaq seems to be trying solving this issue by planning to include Crypto tools in their analytics hub, which was launched last year focusing on traditional assets. Using Machine learning algorithms and natural language processing (NLP) to screen through various social media websites like Twitter and Reddit the tool is said to provide a way to assess market movements.
A source who is working closely with the Nasdaq told Coindesk that these Crypto tools are being beta tested currently ahead of its launch in November. The product will provide sentiment analysis for 500 Cryptocurrencies by gathering data from fund flows in wallets and data from exchanges and social media.
The source told Coindesk:“There’s the social media sentiment part, so applying machine learning and NLP, which will start with Twitter and might include StockTwits and then eventually perhaps Reddit,”
Blockmanity reported back in April that Nasdaq may eventually become a Crypto exchange. CEO of Nasdaq Adena Freidman had said:“Nasdaq would consider becoming a crypto exchange over time”
Various financial Institutions have taken interest in the Crypto industry and are trying to build infrastructure to support growing demands from their clients.
Some of such developments are as follows:Bloomberg and Galaxy Digital capital launching Crypto index Reuters launching a similar product to Nasdaq Goldman Sachs launching Bitcoin futures contracts and eventually trading Bitcoins NYSE secretly planning to launch Crypto trading desk ICE’s Bakkt launching fully coll...