Bybit, one of the most popular crypto exchanges globally, launched a ChatGPT-powered solution, ToolsGPT, on Thursday. The artificial intelligence (AI) feature will utilize ChatGPT’s sophisticated technology and combine it with Bybit’s vast data to help traders predict future market trends and help them make better trading decisions.
What is ToolsGPT?
Dubai-based crypto exchange Bybit announced the launch of ‘ToolsGPT’ – the latest AI-powered feature that combines ChatGPT’s innovative machine learning (ML) technology with the company’s extensive market data, aimed at helping traders make improved, better-informed decisions in the market.
Per the press release, ToolsGPT was designed to use AI to harness Bybit’s market data, offering technical analysis, backtested price data, and other vital metrics for enhanced comprehension. By integrating ChatGPT’s powerful underlying technology with its platform, Bybit hopes to revolutionize traders’ decision-making process.
“We are always exploring cutting-edge technologies and focusing on product innovation to provide convenient trading solutions for our users. By integrating ChatGPT into Bybit Tools, we are able to give users more comprehensive information when making their decisions. ToolsGPT is a testament to our commitment to empowering traders with advanced tools and insights.”
– Ben Zhou, CEO of Bybit.
In particular, traders can leverage ToolGPT to analyze future cryptocurrency price trends based on historical data through key technical indicators such as RSI, MACD, and others. This will help traders predict the prices of BTC, ETH, and other assets in the next 24 hours based on their last 24-hour activity. The same applies to weekly and monthly predictions, the press release stated.
Crypto Firms Flock to Implement AI Tech
Bybit’s new feature comes amid a recent surge in AI advancements that has prompted tech companies and crypto-related firms to embrace the AI revolution and capitalize on this cutting-edge technology to enhance their product offerings.
For instance, earlier this month, crypto compliance solution provider Elliptic said it integrated ChatGPT into its off-chain intelligence and research business to facilitate risk detection. Through the revolutionary AI bot, Elliptic said it hopes to “double down on accuracy and scalability.”
Similarly, Binance, the world’s biggest crypto exchange, introduced Binance Sensei earlier this year, an AI chatbot powered by ChatGPT. The offering was developed to enhance users’ educational experience using the company’s Binance Academy platform.
This article originally appeared on The Tokenist
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