Thomson Reuters steps up focus on cryptocurrencies

Thomson Reuters has expanded its sentiment data offerings to track the top 100 cryptocurrencies through its partnership with MarketPsych.

The new MarketPsych Indices (TRMI) package uses machine learning and natural language processing to measure a breadth of emotional and topical items across news and social media sites that may drive market participant behaviour in cryptocurrency markets.

Following the launch of Bitcoin sentiment data in March, Thomson Reuters has now created a dedicated TRMI Cryptocurrency Sentiment package (TRMI 3.1). This monitors more than 2,000 global news and 800 social media sites in real-time, yielding 43 themes and sentiments on the top 100 cryptocurrencies. Historical data dates back to 2009.

“The recent 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,” says Pradeep Menon, Managing Director, Global Head of Investing and Advisory, Thomson Reuters. “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.”

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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