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July 03, 2023

Tracking Crypto Market with TradingView

Recently, we went through REDeFiNE TOMORROW2023, a project that SCB 10X and Bloomberg worked on together. It is an online seminar that brings together the top innovators in DeFi, Blockchain, and Web 3.0 to talk and share ideas, explain the state of the market, and offer guidance to audiences from all over the world.

In this article, we got to the section about "Tracking the Crypto Market with TradingView" and spoke with Pierce Crosby, General Manager of TradingView, and Rebecca Sin, Head of Asia ETF at Bloomberg Intelligence. They had an extended discussion about their experiences in the cryptocurrency market, which is attracting investors from around the world, as well as TradingView's role and what it plans to do to advance this industry.

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An introduction to investing in the cryptocurrency market

Crosby stated that he started working in the cryptocurrency sector about six years ago while he was employed by StockTwits, a social network for traders and investors. He had the opportunity to hear businessman and investor Brad Feld speak on this subject, and he became interested in investing in the cryptocurrency market. Sin claimed that she first became interested in investments about three years ago after attending a friend's meetup where the friend had been given a metal plate for storing cryptographic keys. Sin became very curious and interested in this, which encouraged her to begin studying the cryptocurrency market.

Based on prior experiences, what is good, bad, and interesting about investing in cryptocurrencies?

According to Crosby’s opinion, what is interesting about the cryptocurrency market is that investors will not put a lot of money into it all at once because the market value changes all the time. He thinks that long-term observers of the cryptocurrency market's fluctuations are said to have an advantage over others in this industry. What Crosby saw as a bad investment is when he invested in Meme coins and Altcoins during the COVID-19 outbreak but faced unfavorable results, he thought that these coins have extremely high volatility, causing their values to soar abruptly within a short period of time and plummet overnight, or even become worthless. He asserted that investing in a liquid market, particularly an early-stage one like the cryptocurrency market, carries a very high level of uncertainty because investors trade quickly.

When talking about the interesting tokens, Crosby revealed that he had long been fascinated by Solana and that TradingView is a part of Solana's ecosystem. He also valued NFTs by working on an NFTs project with his friends.

Get to know TradingView

TradingView was founded in 2012 in Chicago with a focus on developing the infrastructure for investments, especially in the futures market. Following its success, it was extended to the European region, including the Forex market and other investment markets.

In 2016, cryptocurrency data was added to the TradingView database, which also included other data for the asset, such as news and quantity data, in addition to price data and asset value. Additionally, On-chain and token data are now available on the platforms.

In conclusion, TradingView is a platform for investors that compiles investment data from around the world to display in graph form. This data includes information on futures stock prices as well as other indices like currency exchange rates, cryptocurrencies, and CFDs. It is claimed to be a social media platform where investors can exchange data.

Crosby disclosed the two methods TradingView uses to collect data: general data sources and websites for direct trading. Today, TradingView is integrated with over 30 trading websites. For investors to understand their interesting data fully and accurately, it uses data from these platforms to verify and ensure the data is legal.

Cooperate with Token Unlocks to expand tokens database

According to Crosby, TradingView is working on a project to improve Level-3 data and has plans to cooperate with Token Unlocks, a platform that offers data on tokens, including token data analysis with notifications when a token is unlocked. He thought this business was skilled in this area.

"Token Unlocks is proficient in the workings of the token system and how tokens can be used in everyday life. TradingView has never had this set of data before.”
– Pierce Crosby

He thought that working with Token Unlocks would enable TradingView to have more extensive and complete data. Within the year 2023, he plans to increase the database from 700,000 sets to 1 million sets.

Innovations TradingView is developing

Crosby demonstrated that TradingView is constantly coming up with new ideas. We all know that TradingView is like an online platform for investors, so it is currently expanding its community tools to be more comprehensive. He wants to create a platform where investors can communicate with one another similar to Discord.

In order to manage the enormous amount of data, TradingView is also interested in developing AI and NLP, and it anticipates that a more definite product form will be available in the coming year.

Watch out for legal issues and the cryptocurrency industry

Crosby claimed that despite TradingView not having a full engagement in legal issues and cryptocurrency trading because it is not a trading website, it is prepared to serve as an information source for investors in this field. It hopes that the introduction of security classification regulations in the US and other countries will make it clearer whether this innovation can be used in an area, unlike Coinbase, which lacked a US authority license.

Advice for investors

TradingView seeks to play a significant role in the cryptocurrency market by serving as the infrastructure for investment data. According to Crosby, if you want to invest in cryptocurrencies, you should have a long-term perspective because many people only stay in this industry temporarily to take advantage of short-term investment opportunities. Crosby, however, believed that even with investments in other industries, the winner does not receive his reward in a matter of days or weeks, so you should concentrate on the long-term investment and avoid overtrading.

Crosby emphasized his view that teams and individuals are crucial to the success of projects. "Projects are completed because of people," he said. In the cryptocurrency industry, it is not just about how technology is changing or whether one chain is better than another; instead, it is important to remember that if teams cannot successfully lead projects, there may be a risk to the investment. He frequently reminds us to look for a solid team in addition to just token addresses.

Watch this session on YouTube: Tracking Crypto Market with TradingView


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