Crypto app uses AI to analyze Fed rate and Bitcoin price.
Chain of Demand, an investment data analytics firm, is capitalizing on the growing interest in artificial intelligence (AI) by offering a widget that analyzes changes in bitcoin (BTC) prices around the time of U.S. interest-rate changes, just before the Federal Reserve rate announcement on Wednesdays.
The creators of the Chain of Demand dashboard have experience working with financial institutions and data providers such as Bloomberg to create complex machine-learning engines, but have now shifted their focus to AI chatbots, specifically the ChatGPT (Generative Pre-trained Transformer) language recognition engine.
Technology-focused hedge funds typically hire postgraduates with science backgrounds to conduct complex statistical analysis on large datasets or to apply natural language processing. The advent of generative AI platforms, however, is making it easier for retail investors to participate in the cryptocurrency trading space.
The CEO of Chain of Demand, AJ Mak, explained that investors interested in bitcoin price movements around Fed rate announcements would want quick and easy access to a variety of insights that go beyond a generic ChatGPT response. “We add in our own datasets and signals,” he said in an interview with blockchain. “When looking at [the] bitcoin price the day after the last 10 Fed rate announcements, I can then ask what else impacts the price. So that could be indicators of social sentiment around bitcoin and whale transactions over $100,000, for example.”
Mak stated that this week’s modeler of Fed rate/bitcoin price patterns is just a preview of what is to come. The Hong Kong-based company’s dashboard is currently in beta testing and will be available within two months.
- ORCL stock jumps 6% after Q4 2023 revenue and profit beat estimates.
- AAPL shares surge to record high on Vision Pro VR headset launch.
- Grubhub cuts 15% of corporate staff.
Edited by Sheldon Reback.