Thomson Reuters has launched a new version of its MarketPsych Indices (TRMI) to include market sentiment data for the top 100 Cryptocurrencies . The stated goal is to encourage efficiency and transparency for the virtual asset investors within the global marketplace. The step also follows the successful launch of bitcoin sentiment data in March 2018.
In a press release, the information vendor revealed that version 3.1 of its MarketPsych Indices now includes the updated sentiment data feed for cryptocurrencies that is driven by some 400 specific news and social media sites.
Developed through its partnership with MarketPsych Data, the TRMI Cryptocurrency Sentiment package (TRMI 3.1) analyses data in real-time across 2,000 news websites and 800 financial social media channels to produce data aimed at driving investment decisions.
To help identify the predictive value in the new chatter-tracking suite, the information provider says TRMI 3.1 converts both the volume and variety of professional news into quantitative and qualitative analysis for investors to distinguish between patterns across their respective business.
This includes regression and cross-sectional rotation models, to help traders identify influential themes and rapidly develop actionable strategies.
Source selection, entity recognition and contrition of several TMRI have modified and implemented across the feeds, which are already accessible through a customized API interface on Eikon platform.
Last month, Thomson Reuters launched a price data feed for virtual currencies, dubbed “Cryptocurrency Real Time Rates,” building on the success of similar benchmarks that Leverage price data from a suite of crypto exchanges.
Commenting on the news, Pradeep Menon, Head of Investing and Advisory at Thomson Reuters, said: “The Thomson Reuters cryptocurrency survey revealed a shift in the market, with cryptocurrencies gaining some mainstream acceptance and financial institutions looking to start trading them over the coming months. 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.”
