Thomson Reuters has launched a new version of its MarketPsych Indices (TRMI), which includes market sentiment data for the top 100 cryptocurrencies. The stated goal of the project is to increase the efficiency and transparency of virtual assets on the global market. The move follows the successful launch of Bitcoin market sentiment data in March 2018.
The company's press release stated that MarketPsych Indices version 3.1 now has the ability to show updated cryptocurrency data based on information from approximately four hundred news sites and social networks.
Developed in conjunction with MarketPsych Data, TRMI 3.1 analyzes real-time data from 2,000 news portals and 800 financial social media channels to produce data aimed at making investment decisions. According to the vendor, to track forecast prices, TRMI 3.1 converts the volume and quantity of professional news into quantitative and qualitative analysis, with which investors can identify influential cryptocurrencies and quickly develop effective strategies.
Last month Thomson Reuters launched cryptocurrency price rankings called "Cryptocurrency Real Time Rates" builds on the success of a similar initiative that uses data from multiple crypto exchanges.
Pradeep Menon, Head of Investments and Advisory, commented:
“The Thomson Reuters Cryptocurrency Survey has pointed to a shift in the market. Digital currencies are gaining more and more popularity, and several financial institutions will start trading them in the coming months. New Sentiment Section in the cryptocurrency market will help us provide invaluable information to our clients, and will also help them make strategically sound decisions.”
According to financemagnates
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