Thomson Reuters To Begin Tracking BTC Market Chatter To Help Traders
Canadian mass media and information company Thomson Reuters has announced the launch of a Bitcoin (BTC) sentiment data feed, according to a Thomson Reuters press release published today, March 12.
The release states that through the partnership of Thomson Reuters and MarketPsych Data LLC, the company is releasing a new version of its MarketPsych Indices that will now scan more than 400 news and media sites related to cryptocurrencies for its feed.
Austin Burkett, the Global Head of Quant and Feeds at Thomson Reuters, said in a statement:
“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. As the financial marketplace rises in complexity, so too does the need to provide our clients with not only the relevant data, but the tools to help them manage and analyze that data.”
Google Trends data shows that searches for the term “Bitcoin” coincide almost directly with Bitcoin’s price, showing that the virtual nature of cryptocurrency means that what happens online is connected to crypto prices, even if it not necessarily a direct cause and effect.
Thomson Reuters has previously interacted with the cryptocurrency sphere, for in July of 2017, the company announced the formation of a new startup tech incubator that supports innovation in Blockchain technologies.