AI predicts Bitcoin price movements associated with Fed interest rate announcements ── Hong Kong analysis company is developing tools | CoinDesk JAPAN | CoinDesk Japan

Riding the wave of the artificial intelligence (AI) boom, investment data analytics firm Chain of Demand has announced that it is time to change interest rates in the United States ahead of the Federal Reserve’s interest rate announcement on June 14 (local time). offers widgets to analyze Bitcoin (BTC) price movements.

Chain of Demand’s dashboard developers have worked with financial institutions and data providers such as Bloomberg on complex machine learning engines, but have turned to AI chatbots, especially ChatGPT, the popular large-scale language model. has been transferred.

Technology-focused hedge funds tend to hire graduate students with science backgrounds to perform complex statistical analyzes and apply natural language processing on very large datasets. And the explosion of generative AI platforms could level the playing field and match well with the retail-first cryptocurrency trading space.

AJ Mak, CEO of Chain of Demand, said that investors interested in, for example, Bitcoin price movements following the Fed’s interest rate announcements are much more likely to respond than typical AI chatbots such as ChatGPT. They say they want quick and easy access to deep insights.

“We are leveraging our own datasets and signals,” he said in an interview with CoinDesk. “When you look at the price of Bitcoin the day after the last 10 Fed rate announcements, you can think about what else is driving the price. It’s a deal that’s more than that.”

The Fed’s interest rate announcement this week and the pattern of bitcoin price movement will be teasers for what’s to come, Mak said. The Hong Kong-based company’s dashboard is in beta testing and is expected to roll out in about two months.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Chain of Demand CEO Ajay Mak (Chain of Demand)
｜Original: ChatGPT-Style Crypto App Sets AI Loose on Fed Rate-Bitcoin Price Relationship