Thomson Reuters Starts Tracking Sentiment Data on Top-100 Cryptocurrencies

Thomson Reuters has announced that its sentiment data tracking service will now be covering market data for the top-100 cryptocurrencies.

KONSKIE, POLAND - MAY 17, 2018 Thomson Reuters website displayed on smartphone hidden in jeans pocket. Source:
KONSKIE, POLAND - MAY 17, 2018 Thomson Reuters website displayed on smartphone hidden in jeans pocket. Source:

Institutional and retail investors around the world now have a new platform to refer to while deciding the course of their future crypto trading activities — courtesy, a new service launched by Thomson Reuters.

The mass media and information company from Canada announced June 13 (Wed) that it is adding market data for the top-100 cryptocurrencies to its sentiment data tracking tool. Marketpsych Data LLC, a pioneer in the field of quantitative behavioral science, helped the company with this new service. The top 5 cryptocurrencies by market capital are likely to be under higher demand but the company has decided to list the full top 100.

A Potential Gold Mine for Traders

The addition of market data for cryptocurrencies in sentiment data tracking could be particularly beneficial for all those financial services companies preparing to ride the crypto bandwagon in the foreseeable future.

In an April 2018 study by Reuters, nearly 20% of financial firms surveyed admitted that they were considering trading digital assets within the next 12 months. As for those respondents that preferred trading popular tokens such as Bitcoin, 70% said they were preparing to make the first move in the next three to six months.

However, despite the high demand, providing insights into the digital assets market is a tricky business as cryptocurrency values can be easily swayed by online communications and information. Thomson Reuters claims to have negated those challenges to a large extent by deploying sophisticated technologies that can pick up trends and market sentiments before presenting them in an easily accessible manner.

How the New Service Can Help Crypto Traders

According to the official press release, the MarketPsych Indices package deploys machine learning and natural language processing technologies to gauge topical and emotional items across the web.

Dubbed TMRI Cryptocurrency Sentiment package version 3.1 (TRMI 3.1), this package is designed to gather relevant information from more than 800 social media platforms and 2,000 news sites in real time. The press release further stretches that the historical data used in the process goes all the way back to 2009.

The information thus gathered helps the system outline 43 themes and sentiments on the top-100 cryptocurrencies.

To further simplify the process, TRMI 3.1 uses quantitative research results alongside a range of visualization tools. Collectively, both these features ensure that traders can easily spot important themes, which in turn, helps them to come up with actionable and efficient strategies.

In other words, using the quantitative and qualitative analysis put forward by TRMI 3.1 enables investors to identify patterns that could potentially affect their investment choices.

So what’s your take on this new service by Thomson Reuters? Do you plan on using TRMI 3.1 anytime soon to further polish your crypto-strategy? Do let us know in the comments below.

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