Global Exchange Nasdaq ready to join cryptocurrency trading markets
The American stock exchange NASDAQ is planning on launching a tool for the price prediction movement of cryptocurrencies. This will be given on its analytics Hub and will provide investors of cryptos with the ability of trading hundreds of Blockchain assets. The launch of the system is expected to hit in November of 2018.
Nasdaq is currently the second-largest exchange globally by market capitalisation after the New York Stock exchange. The NASDAQ is now a licensed national securities exchange after its status changed back in 2006. The company was asked back in 2013 to bring the exchange privately by the private equity firm called Carlyle Group, the agreement was cut short however through a disagreement on prices. In October of 2015, the NASDAQ revealed its Linq system, that enabled private companies to represent shares based on ownership using the Blockchain technology.
The NASDAQ has some influential power over the DX exchange, which is a centralised cryptocurrency exchange. This is the stock trading industries first free model of cryptocurrency exchange. The DX exchange has managed to gain an impressive start by pre-registering more than 500,000 users on the platform before the official opening, this was an extremely beneficial milestone for the companies platform.
In discussions with stock exchanges on Blockchain assets
The Analytics Hub was launched back in 2017, which scrolls through social media along with a few other data sources in order to give investors market movement information. The Hub however is at present only engaging in traditional assets. However, the interest in cryptocurrencies and assets grow towards Wall Street there will be more information provided to investors of the technology.
In a discussion with the head of alternative data, Bill Dague stated to CoinDesk that:
“Given the abundance of interest, we are exploring cryptocurrency related datasets. Whether or not we launch a crypto-related product remains to be seen ”
The new crypto beta is currently being tested according to internal sources with the set launch in November. The service will be support 500 crypto assets and the systems analysis will include looking at funds flowing from wallets, data from exchanges and social media.
“ 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 as well.” he said.
Even though some of the major currencies have declined in price, and the continuous rejection of the securities Exchange commission (SEC). Most crypto enthusiasts are still very optimistic about the further development of the market. The crypto market has experienced great volatility throughout its inception but experts think that this phase is coming to an end. With the rise of stable coins and the industrialisation of the Blockchain technologies potential, being globally acknowledged by Enterprises, Banks and Governments around the world.
How do you think the markets will be moving in the coming months? Please leave a comment below.