Top Canadian mass media and information firm Thomson Reuters will now start tracking the top cryptocurrencies in its sentiment data tool. In a WebWire press release, it was revealed that the needed data will be provided via a partnership with MarketPsych Data LLC.
Last March, Thomson Reuters added a Bitcoin sentiment data feed on its MarketPsych Indices (TRMI), scanning data from more than 400 news and media websites focused on crypto.
The firm’s new TMRI Cryptocurrency Sentiment package (TRMI 3.1) will monitor over 2000 news and 800 social media websites for 43 sentiments on the top cryptocurrencies. The press release noted the new TRMI will use several tools, such as visualization tools and quantitative research results to help guide traders in distinguishing significant themes that could impact prices.
Last April, a survey from Thomson Reuters revealed that one in five financial firms in their sample had shown interest in expanding to cryptocurrency in the next year, and found that a number of them will begin offering a form of cryptocurrency by October.
Pradeep Menon, Managing Director and Global Head of Investing and Advisory at Thomson Reuters, noted that the shit to cryptocurrencies in the financial sector prompted the release of their new TMRI, saying that:
“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.”
The press release also noted that Thomson Reuters added cryptocurrency trading on their REDI platform this year, supporting trading of both CBOE and CME Group Bitcoin Futures.
Last March, Tom Lee of Fundstrat crafted a different kind of crypto sentiment tracker. Dubbed the Bitcoin Misery Index, it measures how miserable Bitcoin holders are based on current market prices.