In a partnership with MarketPsych Data LLC, the Canadian news and information company Thomson Reuters has expanded its sentiment data to cover the top 100 cryptocurrencies.
According to Thomson Reuters, sentiment analysis of the cryptocurrency market “often requires understanding the top cryptocurrencies at any given time, where individuals get their information, which digital platforms are used for communication, and how specific language or terms used may signify future trends.”
Noting that market insights for cryptocurrencies are “unique,” Thomson Reuters will be using the new TRMI Cryptocurrency Sentiment (TRMI 3.1) system that will monitor over 2,000 news sites and over 800 social media sites in real-time, which includes historical data dating back to 2009.
TRMI 3.1 will include “visualization tools and a suite of quantitative research results” that have been developed by MarketPsych to help predict and identify key themes to help traders make strategic decisions.
In an April 2018 survey, Thomson Reuters found that nearly 20% of financial firms considered moving towards the cryptocurrency market within the next three to 12 months.
Managing Director and Global Head of Investing and Advisory of Thomson Reuters, Pradeep Menon has acknowledged the change in “mainstream acceptance” of cryptocurrencies, saying:
“The Thomson Reuters cryptocurrency survey revealed a shift in the market, with cryptocurrencies gaining some mainstream acceptance and financial institutions looking to start trading them over the coming months.”
“Adding a cryptocurrency-focused sentiment feed to our suite of cross-asset solutions has therefore enabled us to provide our customers with invaluable insights that may help them make strategic investment decisions.”
The company added sentiment data on Bitcoin [BTC] in March 2018 and also introduced cryptocurrency trading capabilities on its REDI execution management system, earlier this year.
Do you think, one day, Thomson Reuters could provide sentiment data for all cryptocurrencies? Let us know in the comments below!
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