Thomson Reuters ads sentiment data tracking tools for top 100 cryptos
Thomson Reuters has introduced a new set of investor tools to track the sentiment of the top 100 cryptocurrencies.
The Canadian mass media and data company is adding the top 100 digital assets to its sentiment data tracking tool.
The company has previously introduced the sentiment tools for Bitcoin.
According to a WebWire press release published Wednesday, June 13, the necessary data will be provided via a partnership with MarketPsych Data LLC.
In March, the company added the Bitcoin sentiment data feed to its MarketPsych Indices (TRMI).
This tool gathers data by scanning more than 400 cryptocurrency-related news and media websites.
Their new TMRI Cryptocurrency Sentiment package (TRMI 3.1) will now monitor over 2,000 news publications.
TRMI will also scan 800 social media platforms for 43 sentiments of the top 100 digital currencies.
According to the press release, the updated tool will use visualization engines and quantitative research results to help traders distinguish significant themes.
Expanding into crypto
A Thomson Reuters survey in April found that 1 in 5 financial firms in their study had expressed interest in expanding to crypto within the next year.
The results showed that an estimated 56 will offer some form of cryptocurrency trading by October.
The Managing Director and Global Head of Investing and Advisory at Thomson Reuters, Pradeep Menon, said that the shift to cryptocurrencies in the financial sector had prompted the new release, saying:
“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 notes that Thomson Reuters introduced crypto trading on Thomson Reuters REDI this year, supporting trading of CBOE and CME Group Bitcoin futures.
In March, Fundstrat’s Tom Lee created another kind of crypto sentiment device – the Bitcoin Misery Index – that measures how “miserable” Bitcoin holders are based on the current prices.