Cryptocurrency exchange Bybit has just unveiled an exciting addition to its platform – a free AI-powered trading assistant designed to extract insights from the exchange’s extensive market data. This innovative tool, known as TradeGPT, is a language-based trading assistant that harnesses the power of artificial intelligence (AI) to offer real-time market analysis and answers to user queries in multiple languages.
TradeGPT is more than just a trading assistant; it’s being marketed as an educational powerhouse. Leveraging the generative capabilities of ChatGPT’s expansive language model and Bybit’s in-house ToolsGPT, it offers users not only market insights but also answers to technical questions. This dynamic tool can provide market strategies and product insights, effectively catering to users engaged in strategy discussions.
Bybit initially introduced ToolsGPT in June 2023, a development that laid the foundation for TradeGPT’s capabilities. By integrating ChatGPT’s machine learning and AI capabilities with Bybit’s wealth of market data, the platform can now conduct comprehensive technical analysis, funding assessments, and model predictions.
Bybit is not alone in exploring the potential of ChatGPT to provide users with unique insights into cryptocurrency prices, market dynamics, and project updates. In May 2023, Crypto.com launched its ChatGPT-powered user assistant, Amy, while Binance integrated OpenAI’s chatbot into its Binance Academy platform to generate responses from a vast database of articles and information related to the Web3 ecosystem.
OKX, another prominent cryptocurrency exchange, has also ventured into the realm of AI. They have incorporated EndoTech’s AI tools to analyze market volatility and identify trading opportunities. Solana Labs took a different approach, launching a ChatGPT-powered plugin that enables the language model to check wallet balances, execute Solana-native token transfers, and facilitate nonfungible token (NFT) trades.
These introductions of AI tools come on the heels of Bybit’s offering of lending services to its users, complete with interest payouts for cryptocurrencies deposited on the platform. Bybit is among several exchanges providing this service, showcasing how AI is driving innovation across various sectors.
An example of AI’s diverse applications can be found in Animoca Brands subsidiary TinyTap, which employs AI to create educational games and NFTs based on user prompts.
In a separate development, Nasdaq-listed Iris Energy has made a significant investment by purchasing 248 of Nvidia’s H100 Tensor Core GPUs for $10 million. This investment is intended to explore generative AI opportunities at its data center facilities. Notably, the chip and hardware manufacturer has reported unprecedented Q2 results in 2023, largely attributed to the surge in interest in AI-powered tools like ChatGPT.