Tag: Analysis

Bybit debuts AI-powered ‘TradeGPT’ for market analysis and data-driven Q&A

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Dubai-based cryptocurrency exchange Bybit has developed a language-based trading tool that uses artificial intelligence (AI) to generate trading insights and answer technical questions from its market data. TradeGPT is being touted as an AI-powered education tool that taps into the generative ability of ChatGPT’s large language model and Bybit’s in-house ToolsGPT to provide real-time market analysis and answers to user questions in a variety of languages. An announcement shared with Cointelegraph highlighted TradeGPT’s ability to offer market strategies and products for strategies being discussed with a user. Bybit launched ToolsGPT…

How AI analysis can change finance and crypto trading

As artificial intelligence (AI) and its various subsets — such as machine learning (ML) — become more complex and developed, their presence within the financial realm has increased drastically.  According to a 2022 report by Nvidia, over 75% of companies operating in the financial sector apply machine or deep learning to optimize their internal operations. Moreover, the study notes that 91% of financial firms are now driving critical business outcomes with investments in AI, with many of the surveyed companies stating that the burgeoning technology has helped them yield more…

Price analysis 8/28: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, DOT

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The S&P 500 is attempting a recovery, but Bitcoin and select altcoins are struggling to break above their respective resistance levels. Bitcoin (BTC) is down about 11% in August, just shy of the 13.88% fall seen in the corresponding month in 2022, according to CoinGlass data. The picture does not look very bright for September either. History shows that every year since 2017, Bitcoin has declined in September.  Bloomberg Intelligence senior macro strategist Mike McGlone is even more bearish on Bitcoin. While speaking to Kitco News, McGlone warned that in…

Price analysis 8/25: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, TON

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Bitcoin and altcoins lose more ground after comments from the Federal Reserve suggest that the regime of interest rate hikes could continue into 2024. Federal Reserve Chair Jerome Powell spoke today and in his Jackson Hole speech he cautioned that inflation remains too high and that the central bank remains open to raising rates further if needed. The remarks by Powell strengthen the narrative that interest rates are likely to remain higher for longer.  However, a positive sign is that after a brief sell-off, the United States equities markets have recovered from…

Crypto market analysis: Why did Bitcoin drop?

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We explore the present crypto market conditions, what drives the sentiments, ongoing events in the crypto space, and what to expect in the days ahead.  The global crypto market has experienced volatility over the past week. Bitcoin (BTC), once sailing smoothly around the $28,000 mark, crashed to a two-month low of around $25,400 on Aug 17, trading at around $26,026 as of August 22.  This downward spiral triggered a decline for Ethereum (ETH), which reached a five-month low of $1,551.71 at the time of writing, trading at $1,662. Amid prospects…

Price analysis 8/21: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, DOT

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Bitcoin and select altcoins are starting to recover, but selling at the top of each price breakout suggests that bears remain in control. After the sharp fall on Aug. 17, Bitcoin (BTC) remained stuck inside a tight range over the weekend. This suggests indecision between the bulls and the bears about the next directional move.  After the latest fall, about 88% of Bitcoin held by Short-term Holders (STHs), owning Bitcoin for 155 days or less, has plunged into loss, according to Glassnode’s weekly newsletter, “The Week On-Chain.” Glassnode warns that…

Price analysis 8/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, LTC

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Bitcoin and most major altcoins are reeling under intense selling and charts suggest that the market sell-off is not complete. A tight range usually resolves with a range breakout and that is what happened in Bitcoin (BTC) on Aug. 17. Bitcoin fell sharply, resulting in a $1 billion liquidation for derivatives traders, the biggest since the FTX collapse in 2022. It is difficult to pinpoint any specific reason for the sell-off but analysts believe that the confusion arising from the alleged write-down of SpaceX’s $373 million Bitcoin holdings may have been…

Price analysis 8/16: BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC, DOT

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Markets continue to slump, giving advantage to the bears and hinting at a trend change to the downside. Bitcoin (BTC) continues to trade inside a narrow range with no clear signs of a breakout from it. Trading platform QCP Capital said in their latest market update that Bitcoin may remain quiet for a few more weeks before making its move in September.  Delphi Digital co-founder Kevin Kelly believes that the cryptocurrency markets are in the early stages of a new bull cycle. Based on a study of Bitcoin’s four-year cycle…

Price analysis 8/11: BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC, DOT

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After today’s Bitcoin ETF decision delay, BTC’s boring price action looks set to carry on through the weekend. Bitcoin (BTC) continues to frustrate investors with its tight range consolidation, giving no clue about the possible direction of the breakout. Typically, the longer the range, the stronger the eventual breakout from it. Therefore, traders should be on their toes to latch on to the breakout when it happens.  A minor positive in favor of the bulls is that they are holding on to a large part of the gains seen in…