Bybit integrates ChatGPT to automate market analysis

What’s new? Cryptocurrency exchange Bybit has integrated an AI tool based on ChatGPT into its trading platform to automate market data analysis. The new feature, called ToolsGPT, is an artificial intelligence chatbot that users can turn to for technical analysis, price data, and other important metrics.

Announcement on the Bybit website

What else is known? With the launch of the new tool, Bybit traders can analyze future price trends based on past data and technical indicators.

“By integrating ChatGPT into Bybit Tools, we are able to give users more comprehensive information when making their decisions,” Bybit CEO Ben Zhou commented on the initiative.

About Bybit. The centralized crypto exchange (CEX) was founded in March 2018. As of June 15, there are 315 coins and 397 trading pairs available on the platform, with a daily trading volume of $885,5 million. The number of users exceeds 10 million.

About ChatGPT. The bot was developed by OpenAI Lab, co-founded by Elon Musk and Sam Altman, with support from Microsoft. It is able to solve a wide range of tasks, generating textual content in response to requests. The public prototype was presented on November 30, 2022. The service was actively used by 100 million people in January 2023, making it the fastest-growing service.

Earlier, several crypto projects reported implementing ChatGPT in their operation at once. Analytics company Elliptic uses ChatGPT to improve risk detection in the cryptocurrency space. The Amy tool from the Crypto.com exchange helps users learn more about market conditions, prices, and key events in real-time. The integration of ChatGPT and Solana blockchain allows users to check wallet balances, buy and sell non-fungible tokens (NFTs), transfer cryptocurrencies, verify transactions, interpret data, and find NFT collections at minimal prices. And an AI-powered tool from the analytics portal Dune converts coded SQL queries into natural language to simplify the extraction and analysis of the crypto market data users and developers need.