- GNY study finds breaking news on security, value and longevity is the biggest factor determining trading.
- GNY Range Report uses advanced AI Crypto Intelligence to forecast the volatility of the 12 top cryptocurrencies.
Around nine out of 10 crypto traders admit emotion and general sentiment has some impact on their crypto trading with 26% admitting it is the driving force, new international research* from GNY.IO Limited, the leading blockchain-based machine learning business, shows.
GNY carried out the global study with traders trading at least $5,000 a month on cryptocurrencies and found on average they estimate 22% of their bad trades are driven by emotion rather than by analysing data.
GNY has developed the free AI-powered Range Report, a cutting-edge machine learning tool designed specifically to forecast the volatility of the 12 top cryptocurrencies by leveraging multiple data points and advanced algorithms. GNY has further augmented the tool with the use of large language models (LLMs) such as OpenAI’s ChatGPT and Meta’s LLaMa 2, making it even easier for users to identify notable changes in trends and signals in the crypto market.
Its research found 90% of traders say emotion and general sentiment has some impact on their trading and that 74% say breaking news on the security, value and longevity is the biggest factor determining whether they trade or not. Around half (54%) say breaking news on companies involved in the sector such as the collapse of FTX or Genesis is the biggest factor while 51% say regulatory changes.
Around three out of four (75%) say they look to trade during periods of increased volatility and liquidity such as when the US and UK markets are opening.
The study found 60% believe social content has a huge impact on crypto prices while another 32% believe it has quite a big impact. Just 7% say it has a limited impact on prices.
GNY’s innovative platform empowers traders with accurate intelligence on potential price fluctuations, helping them make informed investment decisions as well as providing guidance on how to use and read charts, and market wide information. It simplifies the complex world of crypto into digestible information.
Cosmas Wong, CEO GNY said: “Emotions play a huge part in the actions of those trading cryptocurrencies, and this is made all the worse when there is a deluge of market data, not all of which you can trust.
“YouTube crypto personalities have valuable insights, and I follow many of them. However, for the everyday non-professional trader like me, who’s trying to navigate the cryptoverse, the GNY Range Report delivers curated, objective, and actionable information in a concise format.
“The GNY Range Report is not a traditional news or chart aggregation platform. It leverages the power of machine learning to identify patterns in top crypto assets’ historical trading in order to forecast price volatility, delivering them in an approachable way.”
How to use the report
The GNY Range Report is a cutting-edge machine learning tool designed specifically to forecast the volatility of the 12 top (soon to be 25) cryptocurrencies. By leveraging multiple data points and advanced algorithms, the innovative platform empowers traders with accurate intel into potential price fluctuations, helping them make more informed trading decisions.
Unlike traditional market analysis tools, the GNY Range Report serves as a centralised hub, gathering and consolidating all relevant information in one place. The GNY Range Report ensures traders have access to the most pertinent data without feeling overwhelmed.
With its user-friendly interface and intuitive design, the GNY Range Report caters to both professional traders and passionate enthusiasts. It is a prosumer product that combines the robustness required for in-depth analysis with the accessibility needed for traders at any level of expertise.
Visit the GNY Range Report and unlock the power of data-driven analytics for the AI-edge in cryptocurrency trading. Visit www.gnyrr.com today and discover a new level of clarity in the crypto market.
Notes to Editors
- * GNY.IO commissioned the independent research company Pureprofile to survey 100 cryptocurrency traders who trade at least $5,000 a month. The survey was conducted in July 2023 with respondents from the UK, US, Germany, Brazil, Hong Kong, Singapore, UAE and South Africa.
Phil Anderson at PerceptionA on +44 7767 491 519
Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.