Nasdaq is planning to add a tool to predict the movements in the price of crypto. The news about the Nasdaq crypto tool has had a positive effect on the crypto market. Bitcoin gained 0.29% within hours of the announcement.

Nasdak is preparing to add the tool to its Analytics Hub, which it launched last year and utilises machine learning and natural language processing (NLP) capabilities for social media and several alternative data sources.

Analytics Hub was initially designed to focus on traditional assets, and the addition of a cryptocurrency prediction tool is yet another sign that institutional investors in New York are coming around to this brave new world.

Nasdaq crypto tool mixed messages

“Given the abundance of interest, we are exploring cryptocurrency-related datasets,” comments Nasdaq Head of Alternative Data Bill Dague. “Whether or not we launch a crypto-related product remains to be seen.”

However, a source working with Nasdaq on the new tool says it is currently being tested and is scheduled for launch in November.