Canadian media and analytics company Thomson Reuters announced this week that it has added the top 100 cryptocurrencies to its sentiment data tracking tool. The new investor tool was developed through a partnership with MarketPsych Data, according to a recent announcement.

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In the announcement, Pradeep Menon, the Managing Director and Global Head of Investing and Advisory at Thomson Reuters, highlighted the reasoning behind the firm’s decision to launch the dedicated cryptocurrency sentiment feed.

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.

Last March, Thomson Reuters began monitoring bitcoin sentiment data through its MarketPsych Data Indices (TRMI), which pulled data from over 400 news and media websites related to cryptocurrencies.

The latest sentiment data tool (TRMI 3.1) will now monitor over 2,000 news and 800 social media websites, which will work to cover over 43 sentiment themes across the top 100 cryptocurrencies. The TRMI 3.1 will utilize visualization tools and rely on quantitative research to support trades by distinguishing significant themes or trends.

Last April, Thomson Reuters conducted a survey, which demonstrated that one in five financial firms expressed interest in expanding their cryptocurrency trades within the next year, with about fifty-six firms pledging to offer a form of cryptocurrency by this October. This led the firm to launch a new ‘Cryptocurrency Real Time Rates’ data feed to provide live data from six digital currencies across major cryptocurrency exchanges.

Thomson Reuters also began supporting the trade of CBOE and CME group bitcoin features this year through REDI, their execution management system.

With so much noise attached to the cryptocurrency markets, Thomson Reuter’s new machine learning-driven sentiment analysis should likely become a popular tool among cryptocurrency investors and institutions.

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