ByBit plugs into ChatGPT for AI-powered trading tools

ByBit Integrates ChatGPT for AI-Driven Trading Tools

ByBit, a cryptocurrency exchange, is planning to use artificial intelligence (AI) to offer its users a range of new trading tools and metrics, which will be enabled through an integration with ChatGPT.

OpenAI’s widely praised large language model chatbot has been utilized by numerous industries to offer inventive solutions and services. The cryptocurrency trading industry could take advantage of the service as ByBit unveils its own AI-driven solution for cryptocurrency traders on the Dubai-based exchange.

ByBit’s ToolsGPT merges ChatGPT’s machine learning capabilities with the exchange’s market data to bring forth technical analysis, price information, and metrics. Additionally, this integration allows ToolsGPT to create custom responses to traders’ queries.

The exchange promotes the new offering as a means of providing insights and predictions for various cryptocurrency trading scenarios. ToolsGPT will be able to use market data to analyze price trends for multiple cryptocurrencies.

ByBit states that its service is designed to offer price trends of various tokens, as well as incorporating technical indicators to predict future market movements. This service is tailored to traders of all levels of expertise, and is open to all users of the exchange.

Here is what ChatGPT-4 does when it invests $100 in cryptocurrency trading.

Ben Zhou, CEO of ByBit, has stated that the integration of ChatGPT is a groundbreaking step which is intended to aid traders in making educated choices based on both past and present market information, as well as AI-generated counsel.

ChatGPT has been employed by more than one cryptocurrency exchange, including ByBit, to provide users with valuable information regarding token prices, market trends, and projects.

Other Exchanges Leveraging AI for Trading Benefits

In May 2023, unveiled its ChatGPT-powered user assistant, named Amy, while Binance also incorporated OpenAI’s chatbot into its Binance Academy platform to generate answers from its collection of articles and details about the wider web3 environment.

OKX is another exchange that is taking advantage of AI by incorporating EndoTech’s AI tools to evaluate market volatility and trading prospects.

Solana Labs has also released a ChatGPT-enabled plugin that permits the utilization of the expansive language model to verify wallet balances, shift Solana-native tokens and trade non-perishable tokens (NFTs).

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