The launch is synchronized with the impending Federal Reserve rate declaration.
Embracing the rising trend of artificial intelligence (AI), a prominent investment data analytics firm, Chain of Demand, has launched a novel tool designed to investigate the fluctuations of Bitcoin (BTC) price concurrent with US interest rate modifications.
The creators of Chain of Demand's dashboard, known for designing sophisticated machine-learning mechanisms for leading financial institutions and data providers like Bloomberg, have now ventured into the realm of AI chatbots.
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For this project, the developers specifically worked with the widely recognized language-recognition engine, ChatGPT (Generative Pre-trained Transformer).
In the words of Chain of Demand CEO AJ Mak, an investor keen on understanding Bitcoin price fluctuations around Fed rate pronouncements would seek swift and straightforward access to an array of insights that delve deeper than a standard ChatGPT response.
As interest in AI and Bitcoin price fluctuation continues to grow, Chain of Demand found that AI platforms are particularly well-suited to the predominantly retail-oriented crypto trading environment.
When asked how the project works, Mak commented on the process by noting:
We add in our own datasets and signals. 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.
Chain of Demand is pioneering a new frontier in AI-enabled investment analytics, setting the stage for a future where AI empowers retail investors to make informed decisions with deeper insights.
It is worth noting that more and more crypto firms are stepping their foot into the AI realm. At the end of May, Solana Foundation unveiled its integration of artificial intelligence (AI) into the Solana blockchain. On top of that, to boost its efficiency in identifying cryptocurrency threats, risk management firm Elliptic has integrated ChatGPT.
