Thomson Reuters launches new Bitcoin market chatter-tracking tools

Thomson Reuters MarketPsych

While veteran investors might be familiar with Thomson Reuters’ MarketPsyche sentiment tracking tools, the company has now released a new update for the chatter-tracking suite that has now seen the introduction of Bitcoin market monitoring.

Thomson Reuters’ MarketPsyche indices have previously analyzed news and social feeds from some 2,000 news sites and over 800 global financial media sites. The system converts both the volume and variety of professional news and social media sites into information flows that can be used in quantitative and qualitative analysis.

In a press release, Thomson Reuters revealed that version 3.0 of its MarketPsych Indices now includes the first sentiment data feed for Bitcoin that is driven by some 400 cryptocurrency-specific news and social media sites to empower cryptocurrency investors.

Austin Burkett, the global head of Quant and Feeds at Thomson Reuters, quipped that “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… 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 analyze that data.  MarketPsych 3.0 helps deliver another layer of analysis and value-add in the investing process.”  

Thomson Reuters presently provides price indices for Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash in its Eikon desktop platform.

The release of version 3.0 of the MarketPsyche platform comes in addition to Fundstrat advisor Tom Lee’s debut of the ‘Bitcoin Misery Index’, which charts popular sentiment. Anecdotally, Lee revealed that the index presently reads at 18.8 – the lowest the reading has been since 2011.

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What are your thoughts? Would you be prepared to use Thomson Reuters’ MarketPsych tools when trading in popular cryptocurrencies Be sure to let us know your opinion on Twitter – join the conversation @coininsidercom!

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