Market sentiment is of great importance for the crypto industry. Prices can rise or fall depending on events occurring in the market or depending on how these events are described in the media.
To understand prevailing market sentiment and to help investors anticipate price movements, Thompson Reuters will monitor and analyze bitcoin-related discussions in chat rooms and social media.
To do this, the company will use data from MarketPsych Data LLC, a behavioral economics research company. This data will help to more accurately determine market sentiment.
The sentiment tracking method has proven successful in the market for traditional assets such as securities or commodities. Over the past year, a huge online cryptocurrency industry has emerged as interest in bitcoin and alcoins has risen along with their prices. Many analysts attribute price movements for bitcoin and alcoins to information about them on Twitter and Reddit, as well as the number of search queries on Google.
“News and social media are driving the investing and risk management process more than ever, while passive and quantitative trading continues to grow,” said Austin Burkett, head of quantitative research at Thomson Reuters.
Banks and hedge fund traders are now using Thompson Reuters' Eikon platform, which tracks the prices of certain types of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash. Tracking sentiment in the cryptocurrency market will be another important service and tool that the company will offer to its clients.
According to https://www.newsbtc.com
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