Thomson Reuters’ Sentiment Data Now Tracking Top 100 Cryptocurrenciesbr>
Media giant Thomson Reuters, owner of Reuters News, has expanded its sentiment data offerings to track the top 100 cryptocurrencies.
Launched in 2012, the media giant’s MarketPsych Indices (TRMI), which runs in conjunction with MarketPsych Data LLC, analyzes news and social media in real-time across 2,000 top global news sites and 800 global financial social media. TRMI converts the volume and variety of professional news and social media into manageable information flows that can help drive investing decisions and risk management across asset classes.
Following the launch of bitcoin sentiment data in March of this year, Thomson Reuters has now created a dedicated TRMI Cryptocurrency Sentiment package (TRMI 3.1), which yields 43 themes and sentiments on the top 100 cryptocurrencies. The new toolkit is accompanied by visualization tools and a suite of quantitative research results, including regression and cross-sectional rotation models, to help investors identify influential themes and more rapidly develop actionable strategies.
“Sentiment analysis is used to identify turning points in markets,” said Eric Fischkin, Proposition Director of Machine Readable News for Thomson Reuters. “However, when we see that bitcoin is trending, people don’t always pick up on that. Now our clients can understand when this is happening and ride the trend up.”
According to a Thomson Reuters survey released in April 2018, approximately 20% of financial firms indicated they are considering trading cryptocurrency over the next 3-12 months.
Pradeep Menon, the Managing Director and Global Head of Investing and Advisory at Thomson Reuters, said that the shift to crypto in the financial sector prompted the new release.
“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,” said Menon. “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.”