According to a person familiar with the company’s plans, the U.S. stock exchange Nasdaq is preparing to add tools for predicting the price movements of crypto assets to its Analytics Hub. The hub, launched last year, draws on machine learning and natural language processing (NLP) capabilities to parse through social media and other alternative data sources to give investors a better way to assess market movement.
Currently, the Analytics Hub has focused on traditional assets, but the addition of crypto seems to be another signal of Wall Street’s growing interest in the nascent sector.
Nasdaq’s head of alternative data, Bill Dague, told CoinDesk that given the abundance of interest, they are exploring cryptocurrency related datasets but whether or not they launch a crypto-related product remains to be seen.
However, the source, who’s 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 also told CoinDesk that the service would provide sentiment on some 500 crypto assets, and that it takes a three-pronged approach to its analysis, looking at fund flows via wallets, data from exchanges and social media.
