ByBit joins a group of crypto exchanges stepping their foot into the world of AI.
ByBit, a cryptocurrency exchange platform, has disclosed its intentions to exploit artificial intelligence’s capabilities, notably the AI developed by OpenAI, known as ChatGPT.
With the new development, ByBiy aims to enhance trading tools and metrics for the platform’s users, ushering in a new era of AI-fueled trading.
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ByBit has developed “ToolsGPT,” an innovative blend of ChatGPT’s machine learning technology and the crypto exchange’s proprietary market data. This fusion will enable traders to access technical analysis, price data, and metrics.
Among the features of this innovative offering, ByBit promises users the ability to gain insights and predictions for various cryptocurrency trading scenarios. ToolsGPT is designed to analyze price trends based on market data from numerous cryptocurrencies, providing an extensive scope of trading information.
ByBit’s release emphasizes that ToolsGPT will present traders with trends for a variety of tokens and will leverage technical indicators to anticipate potential market fluctuations. The service is designed to accommodate traders of diverse experience levels and will be freely available to all ByBit users.
In a statement, ByBit CEO Ben Zhou extolled the integration of ChatGPT as a pioneering strategy to assist traders in making informed decisions, using a combination of historical and real-time market data with AI-generated counsel.
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.
This development is not unique to ByBit, as other cryptocurrency exchanges have also sought to leverage ChatGPT to offer users distinctive insights into token prices, market movements, and projects.
In May 2023, Crypto.com introduced its own ChatGPT-powered user assistant, Amy. On the other hand, Binance incorporated OpenAI’s chatbot into its Binance Academy platform to generate responses from its database of articles and information on the broader web3 ecosystem.
ByBit’s innovative integration of ChatGPT into its trading tools represents a significant step forward in leveraging AI to provide traders with comprehensive, personalized insights. This move marks the burgeoning potential of AI’s role in shaping the future of cryptocurrency trading.
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