Bybit recently launched ‘TradeGPT’, an artificial intelligence (AI)-based crypto trading assistant that analyses market data and answers questions for free. Read all the details below.
Bybit News: Artificial Intelligence (AI)-based crypto trading tips from TradeGPT
As expected above, Bybit, a well-known crypto exchange, has unveiled a new artificial intelligence (AI)-based tool called “Tradegpt”. This tool is part of Bybit’s artificial intelligence suite known as “Toolsgpt“.
Bybit said that despite the limited data available for OpenAI’s Chat Gpt until September 2021, its users can now benefit from real-time market assessments and answers to their questions in multiple languages using Trade Gpt.
This service is free for registered users on Bybit, but there is a daily limit of twenty questions per user. The platform greets users with a welcome message inviting them to ask questions about cryptocurrency markets or explore predefined topics.
To illustrate, a common example of a question on Tradegpt’s homepage is as follows:
“Give me in three consecutive sentences an analysis on whether the BTC price will increase or decrease today, whether it is appropriate to open a long or short position and at what price to enter.”
Vivien Fang, Head of Financial Products at Bybit, stressed the importance of Toolsgpt and Tradegpt in today’s ever-changing financial environment, calling them valuable resources for financial education and support needed in today’s highly financialised world.
Beyond Bybit: AI also used by Binance and beyond
It is important to note that Bybit is not the only exchange that has started to adopt artificial intelligence solutions.
For example, Binance, the leading cryptocurrency exchange by volume, has integrated artificial intelligence into its Binance Academy suite, which it has dubbed “Binance Sensei”.
Meanwhile, Crypto.com has launched a generative chatbot called Amy, which focuses on cryptocurrencies and blockchain.
At the same time, a platform called Chatbtc offers extensive knowledge on Bitcoin (BTC), allowing users to interact with prominent figures such as Matt Corallo and Greg Maxwell, focusing on information shared based on previous publications and writings.
Again we see OKX, another exchange exploring the potential of artificial intelligence, which recently integrated AI tools from EndoTech to analyse market volatility and identify trading opportunities.
Solana Labs has also followed this trend by launching a plugin based on ChatGPT. This plugin allows the advanced language model to manage wallet balances, perform native Solana token transfers and exchange non-fungible tokens (NFTs).
Another example is TinyTap, a subsidiary of Animoca Brands, which uses artificial intelligence to create customised educational games and NFTs based on user instructions.
Meanwhile, Nasdaq-listed Iris Energy announced a $10 million investment to purchase 248 H100 Tensor Core GPUs from Nvidia. The move is aimed at exploring generative artificial intelligence opportunities in its data centres.
Finally, we note that the chip and hardware industry reported exceptional results in the second quarter of 2023, partly due to the growing interest in artificial intelligence-based tools such as ChatGPT.
What is Bybit’s ToolsGPT? All the details
Launched in June 2023, Bybit’s ToolsGPT is a solution that leverages ChatGPT’s machine learning technology in combination with exchange market data.
This integration allows ToolsGPT to provide traders with technical analysis, price data and metrics, as well as generate customised answers to any question.
The exchange has enthusiastically presented this new offering as a way to provide performance and insights related to a variety of crypto trading scenarios.
Indeed, ToolsGPT is able to examine price trends for various cryptocurrencies, providing price trends and taking into account technical indicators to anticipate future market trends.
This service is designed to be accessible to all users of the exchange, regardless of their level of experience.
Bybit CEO Ben Zhou had highlighted the integration of ChatGPT as an innovative step to provide traders with a more comprehensive information base to make decisions based on real-time and historical data as well as AI-generated suggestions.
In fact, he had this to say about it:
“The integration of ChatGPT into Bybit Tools demonstrates our commitment to providing traders with advanced tools and insights.”
Source: https://en.cryptonomist.ch/2023/09/05/bybit-launches-tradegpt-ai-based-chatbot-crypto-trading/