Bybit, a popular cryptocurrency exchange, has launched TradeGPT, an AI-based educational tool. This new addition is part of Bybit’s initiative to serve as a “Crypto Ark,” aiming to be a resource center in the cryptocurrency sector.

In a blog post published earlier today, Bybit said that TradeGPT is designed to utilize Bybit’s existing market data, trading analytics, and technical analysis tools. This addresses the limitations of the standard ChatGPT model, which lacks real-time market data capabilities due to its last knowledge update being in September 2021. As a result, TradeGPT can provide users with market trends and insights based on Bybit’s data.

The platform allows Bybit users to receive market analysis and answers to their questions in multiple languages. It offers market strategies and suggests financial products that align with the strategies under discussion, based on Bybit’s data.

Vivien Fang, the Head of Financial Products at Bybit, stated that TradeGPT aims to fill a gap in the market for financial mentorship and education. The tool is a collaborative effort from Bybit’s analysts and technology teams and is available at no cost, in line with the company’s educational objectives.

TradeGPT features a chat area, where users can inquire about cryptocurrency markets. The AI tool gives a few examples of the kinds of questions/requests it can answer:

  • Analyzing Ethereum’s market today and suggesting at least three trading strategies, including direction, entry price, and rationale.
  • Creating an easy-to-understand Bitcoin price analysis report focused on key findings and insights.
  • Explaining what a Futures Grid Bot is and how to set parameters using XRP based on Bybit’s market data.
  • Providing a three-sentence analysis on whether Bitcoin will rise or fall today, its suitability for going long or short, and the appropriate entry price.

However, there are limitations: users must be logged into Bybit to use this feature, and there is a daily question limit of 20 per user, with each question capped at 400 characters.

Featured Image Credit: Photo / illustration by geralt via Pixabay