Thomson Reuters Will Track Bitcoin Market Chatter To Assist Traders

The company made an official anouncement today about its aims.

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Today, the information and Canadian mass media company Thomson Reuters published an announcement regarding their release of a Bitcoin sentiment data feed.

The release claims that through the partnership of MarketPsych Data LLC and Thomson Reuters, the company is launching a new version of its MarketPsych Indices that is going to scan over 400 media and news sites related to cryptocurrencies for its feed.

Further, Google Trends data indicates that searches for the term “Bitcoin” coincide almost directly with the cryptocurrency’s price. This shows that the virtual nature of cryptocurrencies means that what happens online is connected to cryptocurrency prices, even if it is not necessarily a direct effect or cause.

Thomson Reuters has interacted with the cryptocurrency space in the past as well, in July 2017. Also, the company revealed the creation of a new startup tech incubator that supports innovative technologies in the in Blockchain industry.

The company wants the crypto traders to have a better point of view and prevent media from manipulating them.

The Global Head of Feeds and Quant at Thomson Reuters, Austin Burkett told in a statement that social media and news are driving the risk management process and investment with the continuing rise of quant-driven and passive trading. As the financial marketplace gets more complicated, so does the need to provide their clients with relevant data and tools to assist them to analyze and manage the data.

Also read: Binance is offering $250,000 for the tip-off about hackers

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