Multinational mass media firm Thomson Reuters has expanded its sentiment data toolkit to cover top 100 digital currencies through its partnership with MarketPsych Data LLC. According to a WebWire press release published June 13.
The Thomson Reuters MarketPsych Indices Cryptocurrency Sentiment (TRMI 3.1) package which was initially launched in March 2018 monitors more than 2,000 worldwide news and 800 social media sites for 43 sentiments of the top 100 digital currencies in real-time.
The press release notes that TRMI 3.1 uses natural processing and natural Machine Leaning to quantitatively measure some emotional and topical items across news and social media sites that may drive participant behavior in crypto markets. Additional, the data toolkit will utilize visualization tools and quantitative research results to support cryptocurrencies traders differentiate significant themes.
Two months ago, a survey conducted by Thomson Reuters showed that 1 in 5 financial companies in their sample had expressed interest in expanding to digital currencies by 2019, finding that an estimated 56 percent will offer a form of cryptocurrency by October this year.
“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,” said Pradeep Menon, the Managing Director and Global Head of Investing and Advisory at Thomson Reuters adding that that the shift to crypto in the financial sector prompted the new release.
Mainstream media coverage for Bitcoins and other digital currencies is at an all-time high. Thomson Reuters Starmine team noted that Bitcoin had received roughly as much total media coverage as Apple between January 2016 and April 2018 (according to sources scored by MarketPsych Indices).
In March, Wall Street strategist and co-founder of Fundstrat Global Advisors Thomas Lee developed a ‘contrarian index’ that lets investors know how Bitcoin holders are based on current prices