Press Release

Increased confidence in AI could boost crypto trading

Thu 26 Oct 2023

Increased confidence in AI crypto trading tools could encourage non-professional/retail traders to increase their monthly trading, according to new international research by GNY.

The study with traders trading at least $5,000 a month on cryptocurrencies in the UK, US, Germany, Brazil, Hong Kong, Singapore, the UAE and South Africa found 95% would trade more on a monthly basis if they had access to AI and machine learning trading tools.

On average they would increase trading by 16% if they had confidence in AI tools which could detect patterns in trading and predict price movements, the research found.

Around 3% said they would double the amount they trade each month and 15% would increase the level of trading by more than a quarter.

The research also found 41% would prefer long-term options when considering AI tools, while 19% would prefer short-term options. Around 38% would be equally interested in both.

“We are all looking forward to the end of the crypto winter. Our ML tools suggest that momentum is returning to the market. Having reliable and objective data-focused, data-driven tools at hand to navigate the upcoming market swings will be crucial for any crypto trader,” said Cosmas Wong, the CEO of GNY.

GNY developed a free AI-powered GNY Range Report designed to forecast the volatility of the 12 top cryptocurrencies by leveraging multiple data points and advanced algorithms.

GNY used large language models (LLMs) such as OpenAI’s ChatGPT and Meta’s LLaMa 2.

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