The world’s second-largest stock exchange NASDAQ has now listed a crypto index called CIX100.
According to a press release, CIX100 will be completely powered by artificial intelligence and scheduled to be listed in the top 100 cryptocurrencies in the world as per market capitalization. As per reports, it is said that this is the latest crypto market standard that relies on an algorithm for analyzing data from the leading cryptos. The program is likely to consider approximately 200 factors with its neural network algorithms.
The tool’s best advantage is it being entirely “human-free” and its ability to spot false volumes without any hassles. This will consequently help in eliminating them entirely. The data is obtained from the largest crypto exchanges currently in the market, including tokens that figure in the top 200 tokens for a period of three months in a row at least.
CIX100 index is also scheduled to get listed at several other popular websites, including Bloomberg, TradingView, and Reuters. CIX100 index’s AI-based predictions offer a tremendous accuracy of about 82%, which is believed to be considerably high.
The latest trend reflects that indexes are fast gaining space in the market. A few days ago, NASDAQ collaborated with CryptoCompare, with an aim to release the latest aggregate index dataset, which will offer assistance to its institutional customers.
Earlier, CryptoCommpare had collaborated with various platforms, including BitMEX, to provide crucial details about the crypto derivates market.
According to a few reports that surfaced earlier, NASDAQ is currently working with seven cryptocurrency exchanges; however, only Gemini and SBI Virtual Currency were highlighted. These exchanges decided to use NASDAQ’s market surveillance technology to eliminate fraud and secure traditional investors. SBI Virtual Currency had announced a partnership with Nasdaq in June 2019 while Gemini allied with Nasdaq in April 2019.
A team of 20 from NASDAQ is engaged to scrutinize all the crypto exchanges interested in such fruitful partnerships. The team ensures that any of the prospective exchanges that intend to use its technology are competent enough and aim to use the software safely and effectively.