Nasdaq, second-largest exchange in the world by market capitalization, is planning to add a tool to the exchange which will aid investors to predict crypto price movement, according to unconfirmed reports.
A person familiar with the company’s plans has indicated that it will shortly be adding crypto assets to its new Analysist Hub. The Hub, launched in 2017, computes traditional asset market fluctuations drawing on social media and other sources.
Wall Street has shown interest in the cryptosphere over past months, with major banks making statements of intent, although Brian Kelly’s prediction that the addition of the New York Stock Exchange (NYSE) and Goldman Sachs to the crypto status quo would cause the market to surge, has yet to happen.
Bill Dague, Nasdaq’s head of alternative data, is guarded in his response to the suggestion that the exchange giant is about to take the same steps as some of Wall’s Streets other major financial institutions, and commented, “…given the abundance of interest, we are exploring cryptocurrency related datasets… Whether or not we launch a crypto-related product remains to be seen.”
On the other hand, Nasdaq’s source had a less guarded response, suggesting that the service would provide information on the movement of 500 crypto datasets using resources such as Twitter, and possibly StockTwits and Reddit.
Nasdaq CEO Adena Friedman had hinted earlier this year that Nasdaq had been looking into crypto-related products when she remarked:
“Certainly, Nasdaq would consider becoming a crypto exchange over time… I believe that digital currencies will continue to persist it’s just a matter of how long it will take for that space to mature.”
An article published in May on the Nasdaq website even cited three coins that the exchange felt might be able to withstand future market turmoil if it transpired: Bitcoin (BTC), Litecoin (LTC) and Stellar (XLM).
Nasdaq will need to move fast with its any crypto additions to its Analyst Hub, as news services Reuters and Bloomberg are already lining up with similar plans to launch a crypto analytic tool.
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