July 20, 2024

Crypto Exchange Bybit Will Use ChatGPT to Power Trading Tools with AI

Crypto exchange Bybit has announced its plans to utilize artificial intelligence (AI) to offer users a range of new trading tools and metrics. The integration with ChatGPT, OpenAI’s renowned large language model chatbot, will enable Bybit to deliver innovative solutions and services to cryptocurrency traders on its Dubai-based platform.

Bybit’s ToolsGPT combines the machine learning technology of ChatGPT with the exchange’s market data to provide users with technical analysis, price data, and metrics. Through this integration, ToolsGPT can generate customized responses to traders’ inquiries.

The introduction of this AI-powered offering is expected to provide insights and predictions for various cryptocurrency trading scenarios. ToolsGPT will analyze price trends based on market data for multiple cryptocurrencies. It will also consider technical indicators to forecast future market movements. Bybit aims to cater to traders of all experience levels and offers free access to the service for all exchange users.

According to Bybit CEO Ben Zhou, the integration of ChatGPT into Bybit Tools represents an innovative step towards assisting traders in making informed decisions using historical and real-time market data, along with AI-generated advice. Zhou emphasized that ToolsGPT exemplifies their dedication to equipping traders with advanced tools and insights.

Bybit is not the only cryptocurrency exchange to explore the utilization of ChatGPT for providing users with unique insights into token prices, market movements, and projects. In May 2023, Crypto.com introduced its own ChatGPT-powered user assistant named Amy. Additionally, Binance integrated OpenAI’s chatbot into its Binance Academy platform, enabling it to generate responses from its extensive database of articles and information on the broader Web3 ecosystem.

Another exchange, OKX, has also ventured into leveraging AI by integrating EndoTech’s AI tools for analyzing market volatility and identifying trading opportunities.

Furthermore, Solana Labs has launched a ChatGPT-powered plugin that enables the large language model to perform functions such as checking wallet balances, transferring Solana-native tokens, and facilitating the trading of nonfungible tokens.

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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