Thomas Reuters debuts Bitcoin Sentiment System for crypto investors

Thomas Reuters Corp with partnering Marketpsych Data LLC, launches a new version of its Marketpsych Indices (TRMI). It helps to scan over 400 cryptocurrencies website to detain market views and themes. Also, the sentiment data feed paves the way to analyse bitcoin market sentiment.

The information and mass media firm, Thomas Reuters can be a good help to all crypto traders. By uniting with Marketpsych, they are launching a Bitcoin Sentiment System. However, the tool helps track and examine the website to measure the bitcoin updates.

According to the announcement, more than 400 specific crypto news and social media sites were adding to feed. Wherein, “each website is scanned and scored in true-time” to analyze the fluctuating market sentiments and themes.

Further, the news version, TRMI v3.0 includes coverage of around 61 global economies and Eurozone’s currencies, countries and agriculture commodities asset classes. The new version has the higher precision of TRMI specifications compared to previous versions. Therefore, the information updates as per minutes, hourly and daily feeds with history back in 1998.

Austin Burkett, global head, Quant and Feeds, Thomson Reuters said:

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”.

The news comes amidst the release of a new bitcoin sentiment, Bitcoin Misery Index by Tom Lee, Fundstrat executive. During an interview with CNBC, he claims that index presently reads at 18.8 – “the lowest it has been since 2011”.

Since the cryptocurrency is volatile in nature, such sentiment feed/system would take a peak in present scenario. Do you think, investors and traders will have these tools hands on? share your thought with us on Twitter and Telegram.

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Kerin is active blogger and guest writer at Coinpedia. She loves writing new updates, price fluctuations and possible insights. Kerin frequently search, review and share her views among large audience via crypto media firms.

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