Through ByBit’s integration with ChatGPT, ToolsGPT will use the exchange’s market data with ChatGPT’s artificial intelligence (AI) to generate technical analysis, price data, trading metrics, and various new trading tools and metrics.
Numerous industries have utilized OpenAI’s highly acclaimed large language model chatbot to provide innovative solutions and services. ByBit unveils its AI-powered offering to cryptocurrency traders using the Dubai-based exchange, which could benefit the cryptocurrency trading market.
ByBit’s ToolsGPT integrates the machine learning technology of ChatGPT with the exchange’s market data to offer technical analysis, price data, and metrics. The integration also enables ToolsGPT to generate customized responses to inquiries from merchants.
The exchange promotes the new product’s ability to provide insights and forecasts for diverse cryptocurrency trading scenarios. ToolsGPT will be able to analyze price trends for multiple cryptocurrencies based on market data.
According to ByBit, this involves supplying price trends for various tokens and utilizing technical indicators to predict future market movements. The service is designed to accommodate traders of varying experience levels and is readily available to all exchange users.#
In a statement, ByBit CEO Ben Zhou described the integration of ChatGPT as an innovative step designed to assist traders in making informed decisions based on historical and real-time market data and AI-generated recommendations:
“By integrating ChatGPT into Bybit Tools, we are able to give users more comprehensive information when making their decisions. ToolsGPT is a testament to our commitment to empowering traders with advanced tools and insights.”
ByBit is not the only cryptocurrency exchange that has investigated the use of ChatGPT to provide users with exclusive insights into token prices, market movements, and projects.
In May 2023, Crypto.com debuted Amy, its ChatGPT-powered user assistant. Binance incorporated OpenAI’s chatbot into its Binance Academy platform to generate responses from its database of articles and information about the broader web3 ecosystem.
After integrating EndoTech’s AI tools to analyze market volatility and trading opportunities, OKX is yet another exchange investigating the potential of AI.
Solana Labs has also released a ChatGPT-powered plugin that enables large language models to verify wallet balances, transfer Solana-native tokens, and trade nonfungible tokens (NFTs).
