Canadian mass media and information company Thomson Reuters will now be tracking the top 100 currencies in its sentiment data tool. The necessary data will be provided via a partnership with MarketPsych Data LLC, according to a WebWire press release published Wednesday, June 13.
In March, Thomson Reuters had added a Bitcoin (BTC) sentiment data feed to its MarketPsych Indices (TRMI), getting data by scanning more than 400 news and media sites related to cryptocurrencies.
The new TMRI Cryptocurrency Sentiment package (TRMI 3.1) will monitor over 2,000 news and 800 social media sites for 43 sentiments of the top 100 cryptocurrencies. The press release notes that TRMI 3.1 will use visualization tools and quantitative research results to support traders distinguish significant themes.
In April, a Thomson Reuters survey had shown that 1 in 5 financial firms in their sample had expressed interest in expanding to cryptocurrency in the next year, finding that an estimated 56 will offer a form of crypto by October.
Pradeep Menon, the Managing Director and Global Head of Investing and Advisory at Thomson Reuters, said that the shift to crypto in the financial sector prompted the new release:
“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.