The Crypto Boom
For a period of 3 years roughly, cryptomarkets had been on a hiatus. But now they seem to be back with a bang and are ready to make up for the past few years. Within last year, bitcoin skyrocketed by 500% ripping apart the $55k ceiling. Not only bitcoin, but Ethereum has returned around 600% in the same time span.
One of the major catalysts behind the boom is the rising interest and the consequent influx of big investors. Just recently, Elon Musk from Tesla Motors, announced that he will be accepting payments in Bitcoins. Other companies such as PayPal and Square have also made it to the pro-Crypto league. Keeping under consideration this trend, crypto exchange platforms are also looking for opportunities to expand their clientele. Meanwhile, debates have been stirred regarding the possibility of bitcoin or crypto replacing today’s US Dollar.
The Investment Center broker Nick Bauer explores the prospects of artificial intelligence in the crypto world by taking into account NewCrypto’s announcement of introducing AI in its tools.
Artificial Intelligence happens to be one of the most popularly growing areas. Whichever direction you turn your face to, you’ll find AI making people’s lives convenient. From office management to healthcare, sports industry, human resources management, and logistics and supply chain all employ AI in a way or the other. One after another astonishing invention is making it into our lives as we continue enjoying the technology bliss.
The Finance Industry
The Finance Industry happens to be one of the most AI-employing industries. In a number of ways, it is making our dealings and daily chores easier. The degree of automation it offers to the sector not only enhances efficiency but also productivity. By putting an end to human errors, it is significantly improving the conciseness and quality of processes. Mimicking human intelligence well, AI is making processes like risk assessment, fraud detection, trading, finance management, and risk assessment undemanding and simple.
If a company needs to see if a particular individual is eligible for a credit card or not, all they need to do is let AI look into financial records, loan statuses, number of existing credit cards and give you the final verdict. How trouble-free would that be?
Crypto And AI Join Hands
If AI could touch all the other complicated professions, is there anything that can keep it from touching crypto? The answer has to be no. In fact, research studies indicate that the way AI is making progress, it is expected that by we reach the year 2025, the AI market will grow to a worth of $190 billion. Thanks to the expansion, it is seen that the crypto world has undergone quite a lot of advancements under AI supervision. One of them managed to make it to the news just recently. NewsCrypto has announced that they are all ready to roll out their “AI-powered market prediction tool”.
What is NewsCrypto?
NewsCrypto is an online platform that provides digital currency users with first-hand crypto news and updates. The website lets crypto traders make use of their state-of-the-art tools and uninterrupted support to make decision-making easy and quick.
Once traders sign up for it, they can get access to a plethora of efficient tools, community predictions, advanced indicators, education, and much more. The forum is dedicated to improving processes for traders and this can be reflected from their announcement to incorporate AI in the tools.
The Miraculous Advancements
NewsCrypto claims that they have developed software that is smart enough to track and analyze the “social media sentiment”. The Investment Center broker Nick Bauer said that we cannot rule out the role social media has to play in the crypto boom. Elon Musk adds #bitcoin to his bio and the prices reach unprecedented heights. The improved tool can considerably lighten the burden of thorough research on traders. Due to its ability to scan through social media news sources and analyze the impacts of previous posts on market trends, it can make the overall process not only simple but exciting at the same time.
Although the under discussion tool relies on textual reference material, the company plans on upgrading it to a level where it is able to scrutinize audio and video clips. A YouTube or a new podcast clip is all it will require. It was further explained that highs and lows in the times if experts and traders will be employed to provide the customers with more realistic insights.
Not only this, but the software will also have the capability to keep an eye on people who are commenting and their following count, in short, their relevance in the area. Another interesting advancement is that it will mark each article that will be scrutinized, in accordance with the impact it will have on the real-time market.
Mr. Bauer says that the news has left him wondering what else wonders AI and Crypto can work but he cannot be sure of its efficiency unless it makes it to the market. Although NewsCrypto is not the first company that has attempted to blend the two, this development seems exciting and capable of paving the way for more such news.
Disclaimer: Our content is intended to be used for informational purposes only.
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You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.