Beyond Bitcoin: Reuters Expands Data Service to Top 100 Cryptos
Mass media and data giant Thomson Reuters is expanding its cryptocurrency sentiment data toolkit to cover 100 different coins, the company announced Wednesday.
Initially launched back in March, the bitcoin data feed was created in partnership with MarketPsych Data LLC. The Thomson Reuters MarketPsych Indices
Cryptocurrency Sentiment (TRMI 3.1) package monitors more than 2,000 global news and 800 social media sites in real-time.
It gauges sentiments such as "excitement" or "hope" to provide insight on investment and reveal market patterns using natural language processing combined with machine learning.
"Adding a cryptocurrency-focused sentiment feed to our suite of cross-asset solutions has...enabled us to provide our customers with invaluable insights that may help them make strategic investment decisions," said Pradeep Menon, Thomas Reuters' global head of investing and advisory.
Supplemented by quantitative analysis, TRMI 3.1 uses a host of additional tools developed by the behavioral economists at MarketPsych to "identify influential themes and more rapidly develop actionable strategies", according to the firm.
This expansion in the capabilities of TRMI is part of a growing use case for artificial intelligence technology among investment insights products.
CEO of MarketPsyche, Richard Peterson, explained in a past interview that trends in digital conversation can be identified as leading or lagging investment indicators.
With a class of assets like cryptocurrencies that are by nature digital – and the information flow around them highly sourced from online forums – sentiment data may prove to be a particularly poignant indicator of where the crypto markets are heading.