Bybit Introduces AI-Powered TradeGPT To Help Crypto Traders With Market Analysis

Dubai-based cryptocurrency exchange Bybit has created a special language-based trading tool called TradeGPT, which uses artificial intelligence (AI) in providing trading analysis and insights, along with answering technical questions using Bybit's existing market data.

Bybit is promoting TradeGPT as an AI-powered education tool that uses the generative ability of ChatGPT's extensive language model to generate real-time market analysis.

"ToolsGPT has access to Bybit's market data, trading analytics and technical analysis tools, combining the power of the AI model with the sophisticated data of Bybit's platform," Bybit said in a blog post Monday.

TradeGPT comes months after Bybit launched ToolsGPT. In June, Bybit integrated ChatGPT's machine learning and AI capabilities with ToolsGPT to conduct technical market analysis, funding assessment and model predictions.

"By integrating ChatGPT into Bybit Tools, we are able to provide users with more comprehensive information when making their decisions. ToolsGPT is a testament to our commitment to empowering traders with advanced tools and insights," Bybit CEO Ben Zhou said at the time, as per CoinSpeaker.

With TradeGPT, Bybit users will be able to access real-time market analysis and get answers to related queries in multiple languages. As Bybit seeks to become a central hub for cryptocurrency resources termed "Crypto Ark," TradeGPT offers market strategies in percentage probabilities to recommend the right products for the said strategies.

"Essentially, we built the tool that we all wished we had when we began our careers in financial engineering and trading. We're proud to offer this for free as part of our mission to become the world's Crypto Ark," Vivien Fang, head of financial products at Bybit, said, as per the blog post.

TradeGPT offers a chat space where users can ask questions about cryptocurrency markets. However, there are some limitations to the platform. For instance, it is necessary that users are logged into Bybit to use this feature, and there is a daily question limit of 20 per user. In addition, every question should be within 400 characters, according to CryptoGlobe.

Bybit is not the first cryptocurrency exchange to have integrated ChatGPT to provide insights into market movements and token prices. Recently, exchanges like Crypto.com and Binance have been exploring the use of ChatGPT in their platforms.

Earlier in May, Solana Labs launched a ChatGPT plugin to allow its users to check wallet balances, transfer Solana-native tokens and trade nonfungible tokens (NFTs) through the platform.

OKX is also exploring AI's potential after it integrated EndoTech's AI tools to analyze market volatility and trading opportunities.