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- Insights
- Cryptocurrencies
- Stocks
- White Papers
- Industry
- Geography
The Artificial Intelligence-Powered Virtual Assistant uses advanced Artificial Intelligence (AI), RPA, natural language processing, and machine learning to extract information and complex data from conversations to understand them and process them accordingly. Nobody can deny that artificial intelligence shaping the every industry including crypto. Soon AI bots like Alexa and Google home will become your ultimate crypto trading bots.
"As a greater number of financial institutions start offering crypto-assets as a wealth management offering, the roles of AI-supported trading will become more popular. There are over 4,000 cryptocurrencies and even the oldest coins show large fluctuations in their prices. Likewise, Bitcoin 30-day volatility index is twice the value from 2016 (as per data published on buybitcoinworldwide)," Saurav Raaj, founder, director, Wize, a non-fungible token (NFT) infrastructure for businesses company, told FE Digital Currency.
As per industry observers, AI is used in intelligent trading systems for stock market prediction and currency price prediction. As per a report by IEEE Access, Generalized Autoregressive Conditional Heteroskedasticity (GARCH), is a time-series statistical model used for understanding volatility. "AI is in the area of market sentiment analysis. Unlike traditional stocks, discussions among trading communities and social media reports can drive trading decisions. AI with natural language processing (NLP) can analyze market and community sentiments and provide valuable insights to the traders," Raaj added.
The further development of artificial intelligence is expected to have a massive impact on the further development of the cryptocurrency market. The crypto industry has been growing massively over the past few years, attracting numerous new clients around the world.
Among many reasons why the market is becoming so popular is the fact that it is very easy for newcomers to get started in the crypto industry. Today, traders do not have to have much experience in the crypto trading market to make some profits from it.
There are numerous crypto exchanges in the market that offer traders the opportunity to take advantage of algorithmic trading. This is a very useful offer for those who do not have enough time to constantly monitor the market, or simply do not have enough knowledge and experience in crypto trading.
These people can easily get a bitcoin auto trader bot and let it make profits for them. As the market continues to grow, there are more and more automated trading robots created for the cryptocurrency trading market.
Artificial intelligence and its further development can make it even easier for beginners to start trading cryptocurrencies. Today, AI is already very actively used in the crypto market, but many experts believe that this is just the beginning and the adoption of AI in the crypto market will continue to grow massively in the upcoming years.
Crypto trading means taking a financial position on the price direction of individual cryptocurrencies against the dollar (in crypto/dollar pairs) or against another crypto, via crypto-to-crypto pairs. CFDs (contracts for difference) are a particularly popular way to trade cryptocurrencies as they allow for greater flexibility, the use of leverage and the ability to take short as well as long positions.
It is important for you to have a motive or purpose for entering into cryptocurrency trading. Whether it be day trading or to scalp, a motive is always vital to drive you towards it. Get the idea clear that in cryptocurrency someone wins and someone loses. The cryptocurrency market is controlled by large whales and it is highly volatile. So when you make a small mistake, all your notes are in the hands of big whales. So sometimes it is better not to gain anything from certain trades than welcoming losses.
The simple yet tough thing we need to know is when to get out of the trade whether we are on profit or loss of Bitcoin. It is important to set a stop loss level which can help in cutting your losses, this is one of the traits that all investors must have. This is also the same case for profits. Don't be greedy, set a level for profits too so that things will stay right.
Fear of missing out is one of the most common reasons why cryptocurrency traders fail in the art. Most of the people see cryptocurrency trading from outside and start assuming things that they are going to run into profits. But this is not the realistic picture of cryptocurrency trading. Your fear of missing out can be a good opportunity for others to catch hold of the digital currencies. So stay alert in such situations.
Be wise enough to not to run behind making massive profits, but rather stay put and gather small profits and be on the cryptocurrency trading on a regular basis. It is a good idea to invest less on your portfolio in a market which is less liquid.
When we look at the cryptocurrency market, the prices of most altcoins depend on the current market price of Bitcoin. It is essential to understand that Bitcoin is relative to fiat cryptocurrency which is highly volatile. Simple thing you must note is that, when Bitcoin price rises then altcoins fall, it is vice versa. This may confuse most of the cryptocurrency traders. And so it is better to have either close targets or simply not trade at all during those times.
