Thomson Reuters, in partnership with MarketPsych Data LLC, has launched a feed that will track the sentiment of cryptocurrency traders.
MarketPsych Indices (TRMI) has been updated to monitor discourse and analyse opinion about leading cryptocurrencies across hundreds of news outlets and social media networks.
Features and benefits of Thomson Reuters’ sentiment feed
The latest version of MarketPsych (v3.0) includes an enhanced sentiment data feed for Bitcoin as well as several other asset classes. It also boasts new user capabilities and additional coverage.
The websites that MarketPsych tracks, many specific to cryptocurrencies, are scanned and scored in real-time to capture market-moving sentiments and themes.
Along with cryptocurrencies, users can also benefit from coverage of national fixed income securities and stock market indexes for the top 61 global economies and the Euro zone.
Thomson Reuters claims that modifications in source selection, entity recognition, and the construction of several TRMI were designed to provide more precise measurements compared to prior versions. Data is delivered via minutely, hourly, and daily feeds with historical data extending back to 1998.
A tool to manage and analyse cryptocurrency data
According to Austin Burkett, global head, Quant and Feeds, Thomson Reuters, the aim of MarketPsych is to present investors with accurate information about the financial marketplace and offer tools to help them reap the richest rewards.
“News and social media are driving the investment and risk management process more than ever with the continuing rise of passive and quant-driven trading,” he said.
“As the financial marketplace rises in complexity, so too does the need to provide our clients with not only the relevant data, but the tools to help them manage and analyse that data. MarketPsych 3.0 helps deliver another layer of analysis and value-add in the investing process.”
Thomson Reuters MarketPsych was launched in 2012 to convert the volume and variety of news and social media into manageable information flows that can help drive investing decisions and risk management across asset classes.
Thomson Reuters’ growing recognition of cryptocurrencies
MarketPsych 3.0 is the latest in a long line of updates and initiates from Thomson Reuters that recognises the importance and influence of cryptocurrencies.
Way back in March 2014, it sponsored the Digital Economy Task Force (DETF), which offered recommendations for policy makers, financial institutions, and law enforcement to encourage digital economy growth and prevent criminal activity. One organisation selected to the DETF for its experience and expertise was the Bitcoin Foundation.
In June 2017, Thomson Reuters announced a tool that would allow customers to plug its market data into systems that run on blockchain technology. Known as BlockOne IQ, the tool enabes Wall Street firms to use Thomson Reuters data on trading systems that run Ethereum and Corda.
Sam Chadwick, Thomson Reuters’ director of strategy in innovation and blockchain, said the idea behind BlockOne IQ was to speed up deployment of blockchain in financial markets. As a result, it would allow two different technologies to communicate with one another and potentially facilitate large scale adoption of blockchain.