íàçâàíèå

Bitcoin Sentiment to be Tracked by Thompson Reuters

Bitcoin Sentiment to be Tracked by Thompson Reuters

Market sentiment plays a huge part in the crypto industry. Prices can pump or slump on the whim of a shill, or a flurry of mainstream media FUD. This is especially relevant for altcoins, many of which did exactly that leading up to the big spending spree of late December. In order to help investors find an edge in the high octane world of crypto trading Thompson Reuters announced today that it will track and analyze chatter about Bitcoin on hundreds of news and social media websites.

Psyching the Markets

According to a report today the company will be using data from behavioral economics research firm MarketPsych Data LLC. This will be employed to create a new version of its MarketPsych indices to paint a clearer picture of market sentiment.

The company will scan over 400 websites relating to cryptocurrencies to capture market-moving moods and themes according to Reuters. The method has proved successful with traders for traditional asset classes such as forex or commodities. A burgeoning online industry covering crypto news has emerged over the past year as interest in Bitcoin and altcoins has skyrocketed along with their prices.

Much of it is on social media such as Twitter and Reddit and a number of analysts have linked this activity, along with the number of Google searches for Bitcoin or an altcoin, with its price action. According to Austin Burkett, Global Head of Quant and Feeds, at Thomson Reuters;

“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,”

Bank and hedge fund traders currently use tools such as Thompson Reuters’ Eikon platform which tracks the prices of a number of cryptocurrencies including Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash. Captivating the mood swings of volatile crypto markets will be another essential service and tool the company can offer to its clients.

Bitcoin has recovered slightly from the weekend’s low of $8,500 to trade up 12% at just under $10,000 at the time of writing. It is also up the same percentage from this time last month and is looking at solid gains over the coming months.

12.03.2018 / 04:09 72
Bitcoin Drops Below $9K, Top Altcoins Down 16% On Global Regulatory News Bitcoin Drops Below $9K, Top Altcoins
The cryptocurrency market is in the red, Bitcoins price drops below $9,000, altcoins lose up to 16% on the day. Bitcoin (BTC)’s price dropped below
NEM [XEM] Bullish Sentiment – Leading 10% in Gain NEM [XEM] Bullish Sentiment – Leading
Source: coinmarketcap It is very difficult to pin-point down the reasons why the market is moving up or down in various occasions, particularly how
Crypto Markets Take A Slump After Quiet Week Crypto Markets Take A Slump After Quiet
The top ten coins on CoinMarketCap are in the red, down by a significant percentage today following a possible hack of Binance users. Crypto markets
Keep It Simple: This Automated Platform Finally Makes Crypto Trading Easy and Less Risky Keep It Simple: This Automated Platform
The rapid rise of cryptocurrency’s popularity left many people with the feeling that they’ve missed an opportunity to invest. This feeling hit harder
BMW Is Working With Another Blockchain Firm, This Time To Track Cobalt, Report Says BMW Is Working With Another Blockchain
Sourcing clean cobalt has led BMW to partner with a little-known UK Blockchain startup, Reuters reports German car manufacturer BMW has allegedly
Crypto Markets Continue Experiencing Slump, BTC Dips Below $10,000 Crypto Markets Continue Experiencing
The crypto market is in the red again today, with Bitcoin dipping below $10,000 at one point, and Ethereum moving closer to $800. Crypto markets have
Comments (0)
Add a comment
Comment on